Swedbank AB Cuts Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• Swedbank AB cut its Corebridge Financial stake by 48.6% in the fourth quarter, selling 87,211 shares and leaving it with 92,074 shares valued at about $2.78 million.
• Corebridge Financial reported mixed quarterly results, with earnings of $1.05 per share slightly below estimates and revenue of $4.09 billion well under the consensus forecast.
• The company declared a quarterly dividend of $0.25 per share, implying a 3.7% annual yield, while analysts currently rate the stock a consensus Moderate Buy with an average price target of $35.92.

Swedbank AB lessened its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 48.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,074 shares of the company's stock after selling 87,211 shares during the period. Swedbank AB's holdings in Corebridge Financial were worth $2,778,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Truist Financial Corp grew its stake in Corebridge Financial by 1.0% in the 4th quarter. Truist Financial Corp now owns 1,960,511 shares of the company's stock worth $59,149,000 after buying an additional 19,898 shares in the last quarter. Danske Bank A S lifted its holdings in shares of Corebridge Financial by 16.4% in the 4th quarter. Danske Bank A S now owns 117,900 shares of the company's stock worth $3,557,000 after acquiring an additional 16,600 shares during the last quarter. New York State Teachers Retirement System bought a new stake in shares of Corebridge Financial in the 4th quarter worth approximately $2,072,000. State of New Jersey Common Pension Fund D lifted its holdings in shares of Corebridge Financial by 1.4% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 78,119 shares of the company's stock worth $2,357,000 after acquiring an additional 1,103 shares during the last quarter. Finally, Keybank National Association OH lifted its holdings in shares of Corebridge Financial by 14.4% in the 4th quarter. Keybank National Association OH now owns 15,381 shares of the company's stock worth $464,000 after acquiring an additional 1,937 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Trading Down 0.1%

NYSE:CRBG opened at $27.27 on Monday. The company has a fifty day moving average of $25.27 and a 200 day moving average of $28.61. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $12.46 billion, a P/E ratio of 49.59, a P/E/G ratio of 0.38 and a beta of 1.18.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The company reported $1.05 EPS for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the prior year, the company earned $1.16 earnings per share. On average, research analysts predict that Corebridge Financial, Inc. will post 4.92 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial's dividend payout ratio is currently 181.82%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CRBG. Barclays lowered their price objective on shares of Corebridge Financial from $33.00 to $30.00 and set an "overweight" rating for the company in a report on Wednesday, April 8th. TD Cowen lowered their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, March 10th. Morgan Stanley lowered their price objective on shares of Corebridge Financial from $35.00 to $32.00 and set an "equal weight" rating for the company in a report on Tuesday, March 3rd. Weiss Ratings lowered shares of Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, January 15th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $31.00 to $38.00 and gave the stock an "outperform" rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $35.92.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.