KBC Group NV Sells 122,455 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

KBC Group NV reduced its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 10.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,099,993 shares of the company's stock after selling 122,455 shares during the quarter. KBC Group NV owned approximately 0.20% of Corebridge Financial worth $34,727,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CRBG. Smartleaf Asset Management LLC grew its position in shares of Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock valued at $27,000 after purchasing an additional 480 shares during the last quarter. Oarsman Capital Inc. bought a new position in Corebridge Financial in the 4th quarter worth approximately $30,000. Sunbelt Securities Inc. bought a new position in Corebridge Financial in the 4th quarter worth approximately $30,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Corebridge Financial by 58.4% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock worth $34,000 after buying an additional 423 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Corebridge Financial by 25.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company's stock valued at $49,000 after acquiring an additional 329 shares during the period. Institutional investors own 98.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CRBG. Keefe, Bruyette & Woods boosted their target price on shares of Corebridge Financial from $37.00 to $39.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. 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 report on Friday. Morgan Stanley lifted their target price on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, Wells Fargo & Company boosted their price target on Corebridge Financial from $35.00 to $37.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $37.67.

Corebridge Financial Stock Up 2.6%

NYSE CRBG opened at $35.92 on Monday. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.03. The company has a market capitalization of $19.75 billion, a price-to-earnings ratio of 30.44, a PEG ratio of 0.58 and a beta of 1.04. The stock's 50 day moving average is $31.91 and its two-hundred day moving average is $31.44. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.96.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.01. The firm had revenue of $4.74 billion for the quarter, compared to analysts' expectations of $5.28 billion. Corebridge Financial had a return on equity of 22.19% and a net margin of 3.73%. During the same period in the prior year, the business posted $1.10 earnings per share. Equities analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date is Monday, June 16th. Corebridge Financial's dividend payout ratio (DPR) is currently 81.36%.

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.

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