Northern Trust Corp Has $62.41 Million Stock Position in Corebridge Financial, Inc. $CRBG

Key Points

• Northern Trust Corp reduced its stake in Corebridge Financial by 3.6%, owning 1,976,820 shares worth approximately $62.4 million after selling 73,022 shares in the first quarter.
• Major shareholder International Group American sold 30 million shares of Corebridge Financial, significantly decreasing their ownership by 26.34% in a transaction valued at over $1 billion.
• Analysts have raised their price targets for Corebridge Financial, with JPMorgan and Wells Fargo setting new targets of $40.00 and $42.00, respectively, indicating a positive outlook with several maintaining "buy" and "overweight" ratings.

Northern Trust Corp lowered its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 3.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,976,820 shares of the company's stock after selling 73,022 shares during the period. Northern Trust Corp owned approximately 0.36% of Corebridge Financial worth $62,408,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Brooklyn Investment Group lifted its position in shares of Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after buying an additional 581 shares during the last quarter. MetLife Investment Management LLC lifted its position in shares of Corebridge Financial by 16.0% in the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock worth $155,000 after buying an additional 715 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Corebridge Financial by 80.2% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after buying an additional 748 shares during the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of Corebridge Financial in the fourth quarter worth about $30,000. Finally, Rhumbline Advisers lifted its position in shares of Corebridge Financial by 0.4% in the first quarter. Rhumbline Advisers now owns 307,352 shares of the company's stock worth $9,703,000 after buying an additional 1,215 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the transaction, the insider directly owned 83,896,013 shares in the company, valued at $2,823,100,837.45. The trade was a 26.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is owned by corporate insiders.

Corebridge Financial Stock Performance

CRBG traded down $0.13 on Monday, hitting $34.77. 1,565,215 shares of the stock traded hands, compared to its average volume of 4,790,795. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week 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 firm has a market capitalization of $18.72 billion, a PE ratio of -56.99, a P/E/G ratio of 0.59 and a beta of 1.06. The business has a fifty day moving average price of $34.71 and a two-hundred day moving average price of $32.49.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period in the previous year, the company posted $1.13 earnings per share. On average, research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company 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 dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's payout ratio is currently -157.38%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CRBG shares. Barclays boosted their price target on Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. BMO Capital Markets lifted their price objective on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Piper Sandler lifted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. Morgan Stanley lifted their price objective on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Finally, UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their price objective for the stock from $28.00 to $37.00 in a research note on Friday, July 11th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Corebridge Financial currently has an average rating of "Moderate Buy" and an average target price of $40.70.

About Corebridge Financial

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.