Corebridge Financial, Inc. $CRBG Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its Corebridge Financial stake by 96% in the first quarter, selling 574,200 shares and retaining 23,700 shares valued at approximately $565,000. Institutional investors collectively own 98.25% of the company.
• Analysts maintain a positive outlook, with nine Buy ratings and six Holds, producing a consensus rating of Moderate Buy and an average price target of $37.17.
• Corebridge reported quarterly earnings of $1.12 per share, exceeding estimates of $1.08, while revenue of $4.30 billion fell short of expectations. The company declared a $0.25 quarterly dividend, representing a 3.0% annualized yield.

Renaissance Technologies LLC cut its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 96.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,700 shares of the company's stock after selling 574,200 shares during the quarter. Renaissance Technologies LLC's holdings in Corebridge Financial were worth $565,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Salomon & Ludwin LLC raised its stake in Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock valued at $26,000 after buying an additional 532 shares in the last quarter. Rothschild Investment LLC increased its holdings in shares of Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company's stock worth $27,000 after acquiring an additional 520 shares during the period. Clearstead Advisors LLC raised its holdings in shares of Corebridge Financial by 143.7% during the fourth quarter. Clearstead Advisors LLC now owns 1,667 shares of the company's stock valued at $50,000 after buying an additional 983 shares during the last quarter. IFP Advisors Inc raised its stake in Corebridge Financial by 98.8% during the 4th quarter. IFP Advisors Inc now owns 1,797 shares of the company's stock valued at $54,000 after acquiring an additional 893 shares in the last quarter. Finally, Assetmark Inc. lifted its holdings in Corebridge Financial by 35.0% in the fourth quarter. Assetmark Inc. now owns 1,877 shares of the company's stock worth $57,000 after purchasing an additional 487 shares during the period. Institutional investors own 98.25% of the company's stock.

Wall Street Analyst Weigh In

CRBG has been the subject of a number of research analyst reports. Jefferies Financial Group upped their target price on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. UBS Group lifted their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 8th. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. Mizuho boosted their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a research report on Thursday, July 9th. Finally, Wells Fargo & Company upped their target price on Corebridge Financial from $35.00 to $36.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Corebridge Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.17.

Corebridge Financial Trading Down 3.9%

Corebridge Financial stock opened at $33.13 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The business's 50-day simple moving average is $30.78 and its 200-day simple moving average is $28.20. The firm has a market capitalization of $14.77 billion, a PE ratio of 19.37, a PEG ratio of 0.44 and a beta of 1.08. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.22.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The company had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. During the same period in the prior year, the business earned $1.36 earnings per share. Equities research analysts forecast that Corebridge Financial, Inc. will post 4.58 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is currently 58.48%.

Insider Activity

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider owned 111,153 shares in the company, valued at approximately $3,779,202. The trade was a 10.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.32% of the company's stock.

About Corebridge Financial

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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