Swedbank AB Reduces Position in Corebridge Financial, Inc. $CRBG

Swedbank AB trimmed its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 42.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 179,285 shares of the company's stock after selling 130,461 shares during the quarter. Swedbank AB's holdings in Corebridge Financial were worth $6,365,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Corebridge Financial by 1.4% in the first quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock valued at $765,571,000 after purchasing an additional 324,692 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Corebridge Financial by 50.0% in the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock worth $258,880,000 after acquiring an additional 2,780,764 shares during the period. Pzena Investment Management LLC raised its position in shares of Corebridge Financial by 73.6% in the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after acquiring an additional 3,412,147 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Corebridge Financial by 6.8% in the first quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock worth $184,034,000 after acquiring an additional 372,270 shares during the period. Finally, LSV Asset Management raised its position in shares of Corebridge Financial by 51.3% in the first quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock worth $136,920,000 after acquiring an additional 1,470,812 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the completion of the sale, the insider owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. This represents a 1.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.29% of the company's stock.

Corebridge Financial Stock Up 0.7%

CRBG stock opened at $32.75 on Monday. The company has a market cap of $17.63 billion, a price-to-earnings ratio of -53.68, a PEG ratio of 0.55 and a beta of 1.06. 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, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The firm has a 50-day moving average of $34.22 and a two-hundred day moving average of $32.49.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. The company 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 quarter in the prior year, the firm earned $1.13 EPS. As a group, analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a $0.24 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial's dividend payout ratio is presently -157.38%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CRBG shares. Keefe, Bruyette & Woods upped their price objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Morgan Stanley upped their price objective on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and upped their price target for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Finally, Barclays reduced their price target on shares of Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a research report on Friday, September 5th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.80.

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.

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