Redwood Investment Management LLC Trims Stock Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• Redwood Investment Management LLC reduced its holdings in Corebridge Financial by 31% during the first quarter, now owning 117,510 shares valued at approximately $3.7 million.
• Several analysts have raised their price targets for Corebridge Financial, with an average target of $40.70, reflecting a "Moderate Buy" sentiment for the stock.
• Corebridge Financial's recent quarterly earnings exceeded estimates, reporting $1.36 EPS compared to the consensus of $1.15, with revenues of $4.42 billion.

Redwood Investment Management LLC lowered its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 31.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 117,510 shares of the company's stock after selling 52,848 shares during the period. Redwood Investment Management LLC's holdings in Corebridge Financial were worth $3,710,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of Corebridge Financial in the 1st quarter valued at approximately $1,620,000. SVB Wealth LLC acquired a new position in Corebridge Financial in the first quarter valued at approximately $85,000. AlphaQuest LLC lifted its holdings in Corebridge Financial by 551.7% in the first quarter. AlphaQuest LLC now owns 17,792 shares of the company's stock valued at $562,000 after acquiring an additional 15,062 shares during the last quarter. Allstate Corp grew its holdings in shares of Corebridge Financial by 56.6% during the 1st quarter. Allstate Corp now owns 13,712 shares of the company's stock worth $433,000 after purchasing an additional 4,954 shares during the period. Finally, Credit Agricole S A increased its position in shares of Corebridge Financial by 20.7% during the first quarter. Credit Agricole S A now owns 547,045 shares of the company's stock valued at $17,270,000 after acquiring an additional 93,851 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on CRBG shares. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Wells Fargo & Company increased their target price on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Piper Sandler lifted their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. BMO Capital Markets boosted their price target on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Corebridge Financial has a consensus rating of "Moderate Buy" and a consensus target price of $40.70.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the sale, the insider directly owned 83,896,013 shares in the company, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by company insiders.

Corebridge Financial Stock Down 0.4%

Corebridge Financial stock traded down $0.13 during trading on Friday, reaching $34.77. The stock had a trading volume of 1,565,215 shares, compared to its average volume of 4,881,731. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57. The business has a 50 day moving average price of $34.67 and a 200 day moving average price of $32.47. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. The stock has a market cap of $18.72 billion, a PE ratio of -56.99, a P/E/G ratio of 0.59 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. The business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same quarter in the prior year, the business posted $1.13 EPS. On average, analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a $0.24 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. Corebridge Financial's dividend payout ratio is presently -157.38%.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.