Korea Investment CORP Lowers Stock Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• Korea Investment CORP significantly reduced its holdings in Corebridge Financial, Inc. by 74.9%, selling 183,900 shares and now owning 61,778 shares, valued at approximately $1.95 million.
• In contrast, other institutional investors like Pzena Investment Management and Truist Financial Corp made substantial increases in their holdings, indicating diverse market sentiment among investors.
• Corebridge Financial recently declared a quarterly dividend of $0.24 per share, representing an annual yield of 2.7%, despite having a negative dividend payout ratio of -157.38%.

Korea Investment CORP trimmed its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 74.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,778 shares of the company's stock after selling 183,900 shares during the period. Korea Investment CORP's holdings in Corebridge Financial were worth $1,950,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its position in shares of Corebridge Financial by 14.7% during 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 period. Envestnet Asset Management Inc. raised its position in shares of Corebridge Financial by 227.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock valued at $46,045,000 after purchasing an additional 1,013,259 shares during the period. Atlas Capital Advisors Inc. raised its position in shares of Corebridge Financial by 1,178.9% during the 1st quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company's stock valued at $801,000 after purchasing an additional 23,401 shares during the period. Truist Financial Corp raised its position in shares of Corebridge Financial by 2,686.2% during the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock valued at $49,109,000 after purchasing an additional 1,499,733 shares during the period. Finally, Merit Financial Group LLC bought a new stake in Corebridge Financial in the 1st quarter valued at $832,000. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Piper Sandler lifted their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. BMO Capital Markets lifted their price target on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their price target for the company from $28.00 to $37.00 in a report on Friday, July 11th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Corebridge Financial has a consensus rating of "Moderate Buy" and an average target price of $40.70.

Corebridge Financial Trading Down 0.4%

Shares of CRBG stock traded down $0.13 during trading hours on Friday, reaching $34.77. 1,565,215 shares of the stock were exchanged, compared to its average volume of 4,881,731. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. The company's 50-day moving average price is $34.67 and its 200-day moving average price is $32.48. The firm has a market capitalization of $18.72 billion, a price-to-earnings ratio of -56.99, a price-to-earnings-growth ratio of 0.59 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released 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. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The firm had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. During the same period in the previous year, the company earned $1.13 EPS. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's payout ratio is -157.38%.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business'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 $2,823,100,837.45. The trade was a 26.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

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.