Corebridge Financial, Inc. $CRBG Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada cut its Corebridge Financial stake by 68.4% in the first quarter, selling 442,090 shares and retaining 204,441 shares valued at $4.88 million. Institutional investors and hedge funds collectively own 98.25% of CRBG.
• Corebridge reported quarterly EPS of $1.12, beating estimates of $1.08, although revenue of $4.30 billion fell short of the $4.66 billion consensus. The company declared a $0.25 quarterly dividend, or $1.00 annually, yielding about 2.9%.
• Analysts remain broadly positive, with nine Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $37.17, above the reported $34.27 share price.

Royal Bank of Canada reduced its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 68.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 204,441 shares of the company's stock after selling 442,090 shares during the quarter. Royal Bank of Canada's holdings in Corebridge Financial were worth $4,878,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRBG. Goldman Sachs Group Inc. lifted its holdings in Corebridge Financial by 229.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company's stock worth $41,042,000 after buying an additional 905,918 shares during the last quarter. Focus Partners Wealth acquired a new stake in shares of Corebridge Financial during the 1st quarter valued at approximately $384,000. Creative Planning acquired a new stake in shares of Corebridge Financial during the 2nd quarter valued at approximately $243,000. EverSource Wealth Advisors LLC lifted its stake in Corebridge Financial by 58.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company's stock worth $162,000 after purchasing an additional 1,688 shares during the last quarter. Finally, Cerity Partners LLC lifted its stake in Corebridge Financial by 64.4% during the second quarter. Cerity Partners LLC now owns 92,554 shares of the company's stock worth $3,286,000 after purchasing an additional 36,239 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $34.27 on Friday. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $35.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The business's fifty day moving average price is $30.50 and its two-hundred day moving average price is $28.15. The firm has a market capitalization of $15.28 billion, a PE ratio of 20.04, a P/E/G ratio of 0.43 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $1.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $4.66 billion. During the same period last year, the business posted $1.36 earnings per share. On average, research analysts expect that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's payout ratio is presently 58.48%.

Wall Street Analyst Weigh In

Several research firms have weighed in on CRBG. TD Cowen boosted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research report on Tuesday. Mizuho lifted their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. Piper Sandler lifted their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday. Finally, Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Corebridge Financial has a consensus rating of "Moderate Buy" and a consensus target price of $37.17.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of the company's stock in a transaction dated Thursday, August 6th. The shares were 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. This represents a 10.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is owned by insiders.

Corebridge Financial Profile

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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