Corebridge Financial, Inc. $CRBG Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems reduced its Corebridge Financial stake by 34.9%, selling 135,400 shares and retaining 252,650 shares valued at approximately $8.4 million. Institutional investors and hedge funds collectively own 98.25% of the company.
• Corebridge reported quarterly EPS of $1.12, exceeding estimates of $1.08, while revenue of $4.30 billion fell short of expectations. The company also maintains a quarterly dividend of $0.25 per share, representing a 2.9% yield.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $39 price target; several firms recently raised their targets. Major shareholder Nippon Life also purchased 245,898 shares at an average price of $35.26.

VIRGINIA RETIREMENT SYSTEMS ET Al cut its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 34.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 252,650 shares of the company's stock after selling 135,400 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.06% of Corebridge Financial worth $8,368,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CRBG. Pzena Investment Management LLC acquired a new position in Corebridge Financial in the 2nd quarter worth about $967,400,000. BlackRock Inc. purchased a new position in Corebridge Financial during the second quarter worth approximately $726,494,000. Dimensional Fund Advisors LP grew its holdings in Corebridge Financial by 43.5% in the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock valued at $211,575,000 after purchasing an additional 2,689,611 shares during the period. Donald Smith & CO. Inc. acquired a new stake in Corebridge Financial in the second quarter valued at approximately $168,134,000. Finally, Davis Asset Management L.P. acquired a new stake in Corebridge Financial in the second quarter valued at approximately $166,054,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Corebridge Financial

In other news, major shareholder Life Insurance Co Nippon acquired 245,898 shares of Corebridge Financial stock in a transaction that occurred on Wednesday, October 28th. The stock was purchased at an average cost of $35.26 per share, with a total value of $8,670,363.48. Following the purchase, the insider owned 131,869,568 shares in the company, valued at $4,649,720,967.68. This trade represents a 0.19% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders purchased 9,708,897 shares of company stock worth $333,608,695 and sold 28,895 shares worth $983,886. Insiders own 0.32% of the company's stock.

Corebridge Financial Trading Down 1.4%

CRBG stock opened at $34.79 on Friday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.00. The stock has a market cap of $15.51 billion, a price-to-earnings ratio of 20.35, a PEG ratio of 0.50 and a beta of 1.07. The business's 50-day moving average is $34.12 and its 200 day moving average is $29.84.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping 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 analyst estimates of $4.66 billion. During the same period in the previous year, the business earned $1.36 EPS. On average, sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Wednesday, September 16th. Corebridge Financial's payout ratio is presently 58.48%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Barclays boosted their price objective on Corebridge Financial from $33.00 to $39.00 and gave the company an "overweight" rating in a research report on Wednesday, October 7th. Weiss Ratings upgraded Corebridge Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday. Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an "overweight" rating in a research note on Monday, October 12th. Jefferies Financial Group boosted their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. Ten analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $39.00.

About Corebridge Financial

Corebridge Financial, Inc NYSE: CRBG is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group's (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.

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