SG Americas Securities LLC Sells 132,552 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• SG Americas Securities trimmed its stake in Corebridge Financial by 32.4%, selling 132,552 shares and leaving it with 276,608 shares worth about $8.345M (≈0.05% of the company).
• Corebridge beat Q4 expectations with EPS of $1.22 vs. $1.11 estimated and revenue of $6.34B vs. $5.02B estimated, though its net margin remained negative at -1.73%.
• The company raised its quarterly dividend to $0.25 (from $0.24), implying an annualized $1.00 payout and a 4.4% yield; the ex-dividend date is March 17 and the payment date is March 31.

SG Americas Securities LLC trimmed its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 32.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 276,608 shares of the company's stock after selling 132,552 shares during the period. SG Americas Securities LLC owned about 0.05% of Corebridge Financial worth $8,345,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CRBG. Community Bank N.A. bought a new position in Corebridge Financial during the third quarter valued at approximately $26,000. Smartleaf Asset Management LLC lifted its holdings in shares of Corebridge Financial by 83.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company's stock worth $27,000 after acquiring an additional 377 shares during the last quarter. Root Financial Partners LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter worth approximately $32,000. True Wealth Design LLC boosted its stake in shares of Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company's stock valued at $37,000 after purchasing an additional 412 shares in the last quarter. Finally, Assetmark Inc. boosted its stake in shares of Corebridge Financial by 47.7% in the 3rd quarter. Assetmark Inc. now owns 1,390 shares of the company's stock valued at $45,000 after purchasing an additional 449 shares in the last quarter. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $22.71 on Tuesday. The company has a market cap of $10.94 billion, a price-to-earnings ratio of -42.85, a price-to-earnings-growth ratio of 0.35 and a beta of 1.12. The company has a 50-day moving average price of $27.56 and a 200-day moving average price of $29.77. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $5.02 billion. During the same period last year, the firm earned $1.06 earnings per share. As a group, 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 issued a $0.25 dividend. This is an increase from Corebridge Financial's previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 4.4%. Corebridge Financial's dividend payout ratio (DPR) is -188.68%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CRBG. Keefe, Bruyette & Woods reiterated a "moderate buy" rating and issued a $32.00 target price on shares of Corebridge Financial in a research report on Thursday, March 26th. Weiss Ratings lowered shares of Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, January 15th. Barclays decreased their price objective on Corebridge Financial from $34.00 to $33.00 and set an "overweight" rating on the stock in a report on Wednesday, March 11th. Zacks Research raised Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Finally, TD Cowen dropped their target price on Corebridge Financial from $38.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, March 10th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $36.27.

Corebridge Financial 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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