QRG Capital Management Inc. Lowers Position in Corebridge Financial, Inc. $CRBG

Key Points

• QRG Capital Management Inc. reduced its stake in Corebridge Financial, Inc. by 62.0%, now holding 71,188 shares valued at $2,527,000 after selling 116,273 shares in the second quarter.
• Major shareholder International Group American sold 1,184,160 shares of Corebridge Financial for approximately $39.8 million, resulting in a 1.41% decrease in their ownership.
• Corebridge Financial recently reported earnings per share (EPS) of $1.36, surpassing analysts' estimates of $1.15, while also declaring a quarterly dividend of $0.24 per share, indicating a 3.0% dividend yield.

QRG Capital Management Inc. lessened its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 62.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,188 shares of the company's stock after selling 116,273 shares during the period. QRG Capital Management Inc.'s holdings in Corebridge Financial were worth $2,527,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Corebridge Financial by 1.4% in the first quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock valued at $765,571,000 after buying an additional 324,692 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Corebridge Financial by 50.0% during the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock valued at $258,880,000 after acquiring an additional 2,780,764 shares during the period. Pzena Investment Management LLC grew its position in shares of Corebridge Financial by 73.6% during the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after acquiring an additional 3,412,147 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Corebridge Financial by 6.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock valued at $184,034,000 after acquiring an additional 372,270 shares during the period. Finally, LSV Asset Management boosted its position in Corebridge Financial by 51.3% during the first quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock worth $136,920,000 after purchasing an additional 1,470,812 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the completion of the sale, the insider owned 82,711,853 shares of the company's stock, valued at $2,783,253,853.45. This represents a 1.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

CRBG has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price target on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. Barclays cut their price target on shares of Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a report on Friday, September 5th. JPMorgan Chase & Co. boosted their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Piper Sandler lifted their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $40.70.

Corebridge Financial Price Performance

CRBG stock opened at $32.42 on Wednesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The business has a 50 day simple moving average of $33.63 and a 200-day simple moving average of $32.55. The firm has a market capitalization of $17.45 billion, a PE ratio of -53.14, a price-to-earnings-growth ratio of 0.56 and a beta of 1.02. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. The business had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same period in the prior year, the business earned $1.13 earnings per share. Equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Tuesday, September 16th. Corebridge Financial's payout ratio is currently -157.38%.

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.

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