Hsbc Holdings PLC Cuts Stock Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• Hsbc Holdings PLC reduced its stake in Corebridge Financial by 42.3%, selling 185,164 shares to hold a total of 252,621 shares, valued at approximately $7,938,000.
• Corebridge Financial recently revealed a dividend of $0.24 per share, resulting in a 2.7% yield, with the dividend payout ratio noted at -157.38%.
• Analysts project strong growth for Corebridge Financial, with a consensus target price of $40.70 and a majority of ratings categorized as "Buy" or "Hold."

Hsbc Holdings PLC lessened its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 42.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 252,621 shares of the company's stock after selling 185,164 shares during the quarter. Hsbc Holdings PLC's holdings in Corebridge Financial were worth $7,938,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in Corebridge Financial by 14.7% in the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock valued at $42,399,000 after purchasing an additional 172,475 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Corebridge Financial by 227.6% during the first quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock worth $46,045,000 after purchasing an additional 1,013,259 shares in the last quarter. Atlas Capital Advisors Inc. grew its stake in shares of Corebridge Financial by 1,178.9% during the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company's stock worth $801,000 after purchasing an additional 23,401 shares in the last quarter. Truist Financial Corp grew its stake in shares of Corebridge Financial by 2,686.2% during the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after purchasing an additional 1,499,733 shares in the last quarter. Finally, Merit Financial Group LLC acquired a new position in shares of Corebridge Financial during the first quarter worth $832,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction dated 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 sale, the insider directly owned 83,896,013 shares of the company's stock, valued at approximately $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded down $0.13 on Friday, reaching $34.77. The company's stock had a trading volume of 1,565,215 shares, compared to its average volume of 4,881,731. The stock's 50-day moving average is $34.67 and its two-hundred day moving average is $32.47. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market capitalization of $18.72 billion, a P/E ratio of -56.99, a PEG ratio of 0.59 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The business had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. During the same period in the prior year, the company earned $1.13 earnings per share. As a group, sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

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

Analyst Ratings Changes

CRBG has been the subject of a number of analyst reports. Morgan Stanley boosted their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. BMO Capital Markets upped their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and upped their price objective for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Finally, Barclays upped their price objective on shares of Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $40.70.

Corebridge Financial 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.