Russell Investments Group Ltd. Sells 501,897 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• Russell Investments Group Ltd. has decreased its stake in Corebridge Financial by 45.7%, selling 501,897 shares and now holds 595,686 shares valued at approximately $18.8 million.
• Corebridge Financial recently announced a quarterly dividend of $0.24 per share, with the ex-dividend date on September 16th.
• Institutional investors own a significant majority of Corebridge Financial stock, totaling 98.25% of shares.

Russell Investments Group Ltd. decreased its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 45.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 595,686 shares of the company's stock after selling 501,897 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.11% of Corebridge Financial worth $18,806,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. MetLife Investment Management LLC boosted its stake in Corebridge Financial by 16.0% during the 4th quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock valued at $155,000 after purchasing an additional 715 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its stake in 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 purchasing an additional 748 shares during the period. Sunbelt Securities Inc. bought a new stake in Corebridge Financial during the 4th quarter valued at approximately $30,000. Cerity Partners LLC increased its holdings in shares of Corebridge Financial by 4.6% during the 4th quarter. Cerity Partners LLC now owns 22,596 shares of the company's stock worth $675,000 after purchasing an additional 1,001 shares during the period. Finally, Rhumbline Advisers increased its holdings in shares of Corebridge Financial by 0.4% during the 1st quarter. Rhumbline Advisers now owns 307,352 shares of the company's stock worth $9,703,000 after purchasing an additional 1,215 shares during the period. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Price Performance

CRBG stock traded up $0.8950 during trading on Friday, hitting $35.0050. 922,551 shares of the stock traded hands, compared to its average volume of 3,311,501. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The stock has a market cap of $18.85 billion, a price-to-earnings ratio of -57.38, a P/E/G ratio of 0.58 and a beta of 1.06. The company has a 50 day simple moving average of $34.37 and a 200 day simple moving average of $32.40. 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 announced its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.21. The firm had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same period last year, the firm posted $1.13 EPS. Equities analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

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

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the sale, the insider owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This 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 link. Insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CRBG shares. Piper Sandler boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. JPMorgan Chase & Co. raised their target price on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. BMO Capital Markets raised their target price on 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 raised their target price on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Finally, Wall Street Zen raised Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $40.70.

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.