Panagora Asset Management Inc. Has $38.17 Million Stock Position in Corebridge Financial, Inc. $CRBG

Key Points

• Panagora Asset Management Inc. has reduced its stake in Corebridge Financial by 1.7%, owning approximately $38.17 million worth of shares, following a sale of 21,045 shares.
• Corebridge Financial reported an EPS of $1.36 for the last quarter, surpassing analysts' expectations of $1.15, despite a revenue shortfall of $4.42 billion against the anticipated $4.85 billion.
• The company plans to distribute a quarterly dividend of $0.24 per share on September 30th, with a current dividend yield of 2.8%, although its dividend payout ratio stands at -157.38%.

Panagora Asset Management Inc. lowered its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 1.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,208,990 shares of the company's stock after selling 21,045 shares during the period. Panagora Asset Management Inc. owned approximately 0.22% of Corebridge Financial worth $38,168,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group increased its position in Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after acquiring an additional 581 shares during the period. MetLife Investment Management LLC increased its stake 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 purchasing an additional 715 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted 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 valued at $50,000 after acquiring an additional 748 shares during the period. Sunbelt Securities Inc. bought a new stake in Corebridge Financial during the fourth quarter valued at approximately $30,000. Finally, Rhumbline Advisers lifted its stake in 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 purchasing an additional 1,215 shares during the last quarter. Institutional investors own 98.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Wells Fargo & Company lifted their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Barclays lifted their price objective on shares of Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. JPMorgan Chase & Co. boosted their target price on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, BMO Capital Markets boosted their target price on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. 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 Trading Down 0.4%

Shares of CRBG stock traded down $0.15 on Wednesday, hitting $34.30. 1,636,542 shares of the stock traded hands, compared to its average volume of 3,270,377. The firm's 50-day moving average price is $34.73 and its two-hundred day moving average price is $32.50. 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 stock has a market capitalization of $18.47 billion, a PE ratio of -56.24, a PEG ratio of 0.59 and a beta of 1.06. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57.

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

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 dividend yield of 2.8%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's dividend payout ratio is -157.38%.

Insider Activity at Corebridge Financial

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 transaction of $1,009,500,000.00. Following the sale, the insider owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

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.