Quantbot Technologies LP Sells 22,289 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• Quantbot Technologies LP has sold 22,289 shares of Corebridge Financial, reducing its holdings by 24.7%, leaving it with 67,779 shares valued at approximately $2,140,000.
• Price T Rowe Associates significantly increased its stake in Corebridge Financial by 31.2% in the last quarter, owning over 32 million shares worth nearly $987 million.
• Corebridge Financial's stock saw a boost in analyst target prices, with recent estimates set between $40.00 and $45.00, reflecting a generally positive outlook with an average rating of "Moderate Buy."

Quantbot Technologies LP reduced its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 24.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 67,779 shares of the company's stock after selling 22,289 shares during the quarter. Quantbot Technologies LP's holdings in Corebridge Financial were worth $2,140,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in shares of Corebridge Financial by 14.7% in the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock valued at $42,399,000 after purchasing an additional 172,475 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Corebridge Financial by 227.6% during the first quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock worth $46,045,000 after acquiring an additional 1,013,259 shares in the last quarter. Atlas Capital Advisors Inc. boosted its stake in Corebridge Financial by 1,178.9% during the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company's stock worth $801,000 after acquiring an additional 23,401 shares in the last quarter. Truist Financial Corp boosted its stake in Corebridge Financial by 2,686.2% during the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after acquiring an additional 1,499,733 shares in the last quarter. Finally, Merit Financial Group LLC bought a new position in Corebridge Financial during the first quarter worth $832,000. 98.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CRBG has been the subject of several analyst reports. Piper Sandler increased their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Morgan Stanley increased their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Barclays increased their target price on shares of Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. JPMorgan Chase & Co. increased their target price on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Eight 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 presently has an average rating of "Moderate Buy" and a consensus target price of $40.70.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the firm's 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 owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.29% of the company's stock.

Corebridge Financial Price Performance

Shares of CRBG stock traded up $0.04 during trading hours on Wednesday, reaching $35.02. The stock had a trading volume of 378,584 shares, compared to its average volume of 3,287,634. The stock's fifty day simple moving average is $34.54 and its 200 day simple moving average is $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, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The firm has a market capitalization of $18.86 billion, a PE ratio of -57.42, a PEG ratio of 0.58 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The company had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the business earned $1.13 earnings per share. On average, equities research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

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

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.