Point72 Asset Management L.P. Sells 119,508 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Point72 Asset Management L.P. cut its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 21.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 438,460 shares of the company's stock after selling 119,508 shares during the quarter. Point72 Asset Management L.P. owned about 0.08% of Corebridge Financial worth $13,123,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CRBG. Prana Capital Management LP lifted its position in shares of Corebridge Financial by 546.3% in the fourth quarter. Prana Capital Management LP now owns 641,087 shares of the company's stock worth $19,188,000 after buying an additional 541,901 shares during the last quarter. Man Group plc raised its stake in shares of Corebridge Financial by 15.5% in the 4th quarter. Man Group plc now owns 2,588,284 shares of the company's stock valued at $77,467,000 after acquiring an additional 346,836 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Corebridge Financial by 0.7% in the 4th quarter. Nuveen Asset Management LLC now owns 3,137,964 shares of the company's stock valued at $93,919,000 after acquiring an additional 20,637 shares in the last quarter. OMERS ADMINISTRATION Corp lifted its holdings in Corebridge Financial by 21.9% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 10,640 shares of the company's stock worth $318,000 after purchasing an additional 1,914 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Corebridge Financial by 88.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,872 shares of the company's stock worth $2,899,000 after purchasing an additional 45,363 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded down $0.03 during trading on Thursday, hitting $31.68. 2,889,545 shares of the stock were exchanged, compared to its average volume of 3,409,572. The company's fifty day simple moving average is $30.19 and its 200-day simple moving average is $31.18. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The company has a market capitalization of $17.41 billion, a price-to-earnings ratio of 8.38, a price-to-earnings-growth ratio of 0.43 and a beta of 1.01. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $35.36.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.01. Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. The firm had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter in the previous year, the company earned $1.10 earnings per share. Sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 3.03%. Corebridge Financial's dividend payout ratio is currently 81.36%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Wall Street Zen lowered shares of Corebridge Financial from a "hold" rating to a "sell" rating in a research report on Thursday. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. 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. Barclays upped their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Finally, BMO Capital Markets began coverage on Corebridge Financial in a research note on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

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.