Corebridge Financial, Inc. $CRBG Stock Position Reduced by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. has reduced its position in Corebridge Financial, Inc. by 5.6%, selling 1,849,505 shares, and now owns approximately 5.65% of the company valued at around $982 million.
• A major shareholder, International Group American, sold 30 million shares at an average price of $33.65, resulting in a significant decrease of 26.34% in their ownership.
• Analysts have set a consensus target price of $40.70 for Corebridge Financial, with ratings improving from "sell" to "hold" and several firms giving "buy" ratings.

Price T Rowe Associates Inc. MD decreased its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 5.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 31,112,028 shares of the company's stock after selling 1,849,505 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 5.65% of Corebridge Financial worth $982,207,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CRBG. Sunbelt Securities Inc. acquired a new position in Corebridge Financial during the fourth quarter valued at approximately $30,000. Brooklyn Investment Group increased its stake in shares of 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 purchasing an additional 581 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Corebridge Financial by 80.2% during the 4th 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 in the last quarter. Quarry LP acquired a new position in Corebridge Financial during the 4th quarter worth about $63,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Corebridge Financial in the 1st quarter valued at about $75,000. Institutional investors own 98.25% of the company's stock.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction that occurred on 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 transaction, the insider directly 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 SEC, which is available at this link. 0.29% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CRBG shares. Piper Sandler upped their target price on 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 target price on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research report on Friday, June 27th. Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and upped their target price for the stock from $28.00 to $37.00 in a research note on Friday, July 11th. Finally, Wells Fargo & Company increased their target price 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. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and an average price target of $40.70.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded down $0.06 during midday trading on Wednesday, hitting $34.93. The stock had a trading volume of 534,776 shares, compared to its average volume of 3,288,953. The company has a market capitalization of $18.81 billion, a PE ratio of -57.25, a P/E/G ratio of 0.58 and a beta of 1.06. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The stock has a 50 day moving average price of $34.54 and a two-hundred day moving average price of $32.43. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86.

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 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 company had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the firm posted $1.13 EPS. As a group, equities analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's payout ratio is -157.38%.

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.