Sierra Summit Advisors LLC Sells 53,580 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Key Points

• Sierra Summit Advisors LLC reduced its holdings in Corebridge Financial by 15.8% in the 1st quarter, now owning 284,891 shares valued at approximately $8.99 million.
• Corebridge Financial reported quarterly earnings of $1.36 per share, exceeding analysts' expectations of $1.15, but had revenue of $4.42 billion, below the forecast of $4.85 billion.
• The company announced a $0.24 quarterly dividend with a yield of 2.9%, despite a negative dividend payout ratio of -157.38%.

Sierra Summit Advisors LLC trimmed its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 15.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 284,891 shares of the company's stock after selling 53,580 shares during the quarter. Corebridge Financial makes up about 1.9% of Sierra Summit Advisors LLC's investment portfolio, making the stock its 18th largest holding. Sierra Summit Advisors LLC owned approximately 0.05% of Corebridge Financial worth $8,994,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in CRBG. Wells Fargo & Company MN raised its stake in shares of Corebridge Financial by 328.9% in the 4th quarter. Wells Fargo & Company MN now owns 386,423 shares of the company's stock valued at $11,566,000 after acquiring an additional 296,337 shares in the last quarter. Envestnet Asset Management Inc. increased its position in Corebridge Financial by 29.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 445,258 shares of the company's stock worth $13,327,000 after buying an additional 101,506 shares during the period. Federated Hermes Inc. increased its position in Corebridge Financial by 4.5% in the 4th quarter. Federated Hermes Inc. now owns 351,565 shares of the company's stock worth $10,522,000 after buying an additional 15,050 shares during the period. Cerity Partners LLC increased its position in Corebridge Financial by 4.6% in the 4th quarter. Cerity Partners LLC now owns 22,596 shares of the company's stock worth $675,000 after buying an additional 1,001 shares during the period. Finally, Invesco Ltd. increased its position in Corebridge Financial by 4.4% in the 4th quarter. Invesco Ltd. now owns 719,352 shares of the company's stock worth $21,530,000 after buying an additional 30,135 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

Corebridge Financial stock traded up $0.85 on Tuesday, reaching $34.19. The company's stock had a trading volume of 8,438,376 shares, compared to its average volume of 3,303,439. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market cap of $18.41 billion, a price-to-earnings ratio of -56.04, a PEG ratio of 0.54 and a beta of 1.06. The business's fifty day moving average price is $34.19 and its 200 day moving average price is $32.35. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57.

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

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio is -157.38%.

Insider Activity

In other news, major shareholder International Group American sold 30,000,000 shares of the company's 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 transaction, the insider owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Keefe, Bruyette & Woods upped their price target on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Wells Fargo & Company boosted their price objective on Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their price objective for the company from $28.00 to $37.00 in a research report on Friday, July 11th. Finally, Piper Sandler boosted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $40.70.

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.