Richard Bernstein Advisors LLC Trims Stock Position in Corebridge Financial, Inc. $CRBG

Key Points

• Richard Bernstein Advisors LLC cut its stake in Corebridge Financial by 59.7% in Q3, selling 74,424 shares and finishing the period with 50,147 shares valued at about $1.61M.
• Corebridge boosted its quarterly dividend to $0.25 per share (annualized $1.00) for a ~4.1% yield, with an ex-dividend date of March 17 and payment on March 31.
• The company beat quarterly estimates — EPS $1.22 vs. $1.11 expected and revenue $6.34B vs. $5.02B — but still shows a negative net margin and has mixed analyst ratings (consensus "Moderate Buy," target ~$37.18).

Richard Bernstein Advisors LLC decreased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 59.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 50,147 shares of the company's stock after selling 74,424 shares during the period. Richard Bernstein Advisors LLC's holdings in Corebridge Financial were worth $1,607,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Corebridge Financial by 7.2% in the 3rd quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company's stock valued at $859,963,000 after acquiring an additional 1,805,819 shares during the last quarter. Algebris UK Ltd. boosted its holdings in Corebridge Financial by 31.4% during the third quarter. Algebris UK Ltd. now owns 1,393,378 shares of the company's stock worth $44,624,000 after buying an additional 333,245 shares in the last quarter. Machina Capital S.A.S. bought a new stake in Corebridge Financial during the third quarter worth approximately $1,182,000. Assenagon Asset Management S.A. grew its position in Corebridge Financial by 928.9% in the third quarter. Assenagon Asset Management S.A. now owns 68,226 shares of the company's stock worth $2,187,000 after buying an additional 61,595 shares during the last quarter. Finally, Retirement Systems of Alabama grew its position in Corebridge Financial by 77.9% in the third quarter. Retirement Systems of Alabama now owns 132,900 shares of the company's stock worth $4,259,000 after buying an additional 58,200 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Trading Down 2.6%

NYSE CRBG opened at $24.60 on Wednesday. The firm's 50 day moving average price is $29.53 and its two-hundred day moving average price is $30.83. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The stock has a market cap of $11.85 billion, a price-to-earnings ratio of -46.42, a PEG ratio of 0.38 and a beta of 1.11.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.11 by $0.11. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The company had revenue of $6.34 billion during the quarter, compared to analyst estimates of $5.02 billion. During the same quarter in the prior year, the company earned $1.06 earnings per share. Equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Tuesday, March 17th. This is a boost from Corebridge Financial's previous quarterly dividend of $0.24. Corebridge Financial's dividend payout ratio is -181.13%.

Analysts Set New Price Targets

CRBG has been the subject of a number of recent research reports. Weiss Ratings downgraded Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, January 15th. UBS Group cut their target price on Corebridge Financial from $35.00 to $33.00 and set a "neutral" rating on the stock in a research report on Thursday, January 8th. Mizuho initiated coverage on Corebridge Financial in a report on Tuesday, December 16th. They set an "outperform" rating and a $38.00 target price for the company. Barclays decreased their price target on Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating for the company in a research report on Tuesday, February 10th. Finally, TD Cowen dropped their price target on Corebridge Financial from $38.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.18.

Corebridge Financial Company Profile

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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