National Bank of Canada FI Sells 12,286 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• National Bank of Canada FI reduced its stake in Corebridge Financial, Inc. by 42.3%, now holding 16,727 shares valued at approximately $528,000.
• Major shareholder International Group American sold 30 million shares of Corebridge Financial for over $1 billion, resulting in a significant ownership decrease of 26.34%.
• Corebridge Financial recently announced a quarterly dividend of $0.24 per share, with an annualized yield of 2.8%.

National Bank of Canada FI lowered its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 42.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,727 shares of the company's stock after selling 12,286 shares during the quarter. National Bank of Canada FI's holdings in Corebridge Financial were worth $528,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in Corebridge Financial by 31.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock worth $986,539,000 after acquiring an additional 7,828,929 shares during the last quarter. Vanguard Group Inc. boosted its position in Corebridge Financial by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock worth $765,571,000 after acquiring an additional 324,692 shares during the last quarter. Pzena Investment Management LLC boosted its position in Corebridge Financial by 73.6% during the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after acquiring an additional 3,412,147 shares during the last quarter. AQR Capital Management LLC boosted its position in Corebridge Financial by 10.5% during the 4th quarter. AQR Capital Management LLC now owns 5,556,761 shares of the company's stock worth $166,314,000 after acquiring an additional 527,376 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Corebridge Financial by 16.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,457,441 shares of the company's stock worth $163,344,000 after acquiring an additional 770,255 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the sale, the insider 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company's stock.

Corebridge Financial Stock Performance

CRBG traded down $0.1630 during trading hours on Thursday, reaching $34.0370. The company's stock had a trading volume of 2,812,448 shares, compared to its average volume of 4,884,751. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The company's 50-day moving average is $34.37 and its 200-day moving average is $32.40. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market cap of $18.33 billion, a PE ratio of -55.80, a price-to-earnings-growth ratio of 0.58 and a beta of 1.06.

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

Corebridge Financial Announces Dividend

The firm also recently declared 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. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's dividend payout ratio is -157.38%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CRBG. Piper Sandler upped their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. Wall Street Zen raised Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. upped their price target on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and increased their price objective for the company from $28.00 to $37.00 in a report on Friday, July 11th. Finally, Keefe, Bruyette & Woods increased their price objective on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $40.70.

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.