FORA Capital LLC Sells 31,098 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• FORA Capital LLC reduced its stake in Corebridge Financial by 50%, selling 31,098 shares and ending up with 31,036 shares valued at approximately $980,000.
• Corebridge Financial reported $1.36 earnings per share for the quarter, surpassing expectations, but generated a revenue of $4.42 billion, less than analyst estimates of $4.85 billion.
• The company will pay a quarterly dividend of $0.24 on September 30th, with an ex-dividend date of September 16th, resulting in an annualized dividend yield of 2.7%.

FORA Capital LLC trimmed its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 50.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 31,036 shares of the company's stock after selling 31,098 shares during the period. FORA Capital LLC's holdings in Corebridge Financial were worth $980,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CRBG. Sunbelt Securities Inc. bought a new position in shares of Corebridge Financial during the 4th quarter valued at approximately $30,000. Brooklyn Investment Group lifted its position in shares of Corebridge Financial by 66.7% during the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after acquiring an additional 581 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Corebridge Financial by 80.2% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after acquiring an additional 748 shares during the period. Quarry LP purchased a new position in shares of Corebridge Financial in the fourth quarter valued at $63,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of Corebridge Financial in the first quarter valued at $75,000. Institutional investors own 98.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods increased their price objective on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. JPMorgan Chase & Co. increased their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Barclays lifted their price objective on shares of Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Wall Street Zen raised Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, BMO Capital Markets lifted their price target on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Corebridge Financial currently has an average rating of "Moderate Buy" and a consensus price target of $40.70.

Corebridge Financial Trading Down 1.1%

Shares of NYSE CRBG traded down $0.38 during midday trading on Tuesday, reaching $34.39. The company had a trading volume of 3,702,070 shares, compared to its average volume of 4,596,413. The firm's fifty day moving average price is $34.73 and its 200-day moving average price is $32.50. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The stock has a market cap of $18.52 billion, a PE ratio of -56.38, a price-to-earnings-growth ratio of 0.59 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. The business had revenue of $4.42 billion for the quarter, compared to analysts' expectations 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 period in the previous year, the firm earned $1.13 EPS. On average, equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

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

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the transaction, the insider directly owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This represents a 26.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.29% of the company's stock.

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.