Hsbc Holdings PLC Sells 141,291 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• HSBC reduced its Corebridge Financial stake by 55.3% in the second quarter, selling 141,291 shares and retaining 114,325 shares valued at approximately $3.27 million. Institutional investors collectively own 98.25% of the company.
• 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 forecast. The stock opened at $34.15 and recently traded near its 52-week high.
• The company declared a quarterly dividend of $0.25 per share, representing a 2.9% annualized yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $37.42, while insiders have sold shares totaling about $805,626 over the past 90 days.

Hsbc Holdings PLC trimmed its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 55.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 114,325 shares of the company's stock after selling 141,291 shares during the quarter. Hsbc Holdings PLC's holdings in Corebridge Financial were worth $3,270,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Rothschild Investment LLC raised its holdings in Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock worth $27,000 after buying an additional 520 shares during the last quarter. Bell Investment Advisors Inc acquired a new position in shares of Corebridge Financial during the second quarter valued at about $27,000. Sonoma Allocations LLC bought a new stake in shares of Corebridge Financial during the first quarter worth about $30,000. Allworth Financial LP bought a new stake in shares of Corebridge Financial during the second quarter worth about $41,000. Finally, Versant Capital Management Inc raised its holdings in shares of Corebridge Financial by 1,124.2% in the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock worth $46,000 after acquiring an additional 1,484 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Up 1.0%

CRBG stock opened at $34.15 on Friday. The stock has a market cap of $15.22 billion, a P/E ratio of 19.97, a P/E/G ratio of 0.44 and a beta of 1.08. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The stock's fifty day simple moving average is $32.33 and its two-hundred day simple moving average is $28.49. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $34.82.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. The firm had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same period last year, the firm posted $1.36 EPS. Analysts expect that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 2.9%. Corebridge Financial's payout ratio is currently 58.48%.

Insider Activity

In other news, EVP Elizabeth B. Cropper sold 7,745 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total transaction of $256,049.70. Following the completion of the sale, the executive vice president owned 46,473 shares in the company, valued at $1,536,397.38. This trade represents a 14.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider David Ditillo sold 12,414 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider owned 111,153 shares of the company's stock, valued at approximately $3,779,202. The trade was a 10.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 24,409 shares of company stock worth $805,626. Insiders own 0.32% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on CRBG shares. TD Cowen boosted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Piper Sandler raised their target price on Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, August 12th. Mizuho lifted their target price on Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a research report on Thursday, July 9th. Wells Fargo & Company upped their price target on Corebridge Financial from $36.00 to $39.00 and gave the stock an "overweight" rating in a report on Wednesday, August 19th. Finally, Jefferies Financial Group increased their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $37.42.

Corebridge Financial Company Profile

Corebridge Financial, Inc NYSE: CRBG is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group's life and retirement business and began operating as an independent publicly traded company in 2022.

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