Swiss National Bank Lowers Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Swiss National Bank lowered its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 4.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 717,065 shares of the company's stock after selling 35,600 shares during the period. Swiss National Bank owned approximately 0.13% of Corebridge Financial worth $22,638,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in shares of Corebridge Financial by 31.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock valued at $986,539,000 after buying an additional 7,828,929 shares during the period. Pzena Investment Management LLC boosted its position in shares of Corebridge Financial by 73.6% during the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after buying an additional 3,412,147 shares during the period. Truist Financial Corp boosted its position in shares of Corebridge Financial by 2,686.2% during the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock valued at $49,109,000 after buying an additional 1,499,733 shares during the period. LSV Asset Management boosted its position in shares of Corebridge Financial by 51.3% during the first quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock valued at $136,920,000 after buying an additional 1,470,812 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Corebridge Financial by 34.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 4,803,433 shares of the company's stock valued at $143,767,000 after buying an additional 1,235,796 shares during the period. Hedge funds and other institutional investors own 98.25% of the company's stock.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the sale, the insider directly owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. The trade was a 26.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by company insiders.

Corebridge Financial Stock Down 1.3%

Shares of CRBG stock traded down $0.45 during trading hours on Friday, reaching $33.79. 2,900,525 shares of the company's stock were exchanged, compared to its average volume of 4,595,301. The stock's 50 day moving average is $34.28 and its 200-day moving average is $32.38. The company has a market cap of $18.20 billion, a price-to-earnings ratio of -55.39, a P/E/G ratio of 0.57 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 fifty-two week low of $23.69 and a fifty-two week high of $36.57.

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

Corebridge Financial Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. Corebridge Financial's payout ratio is -157.38%.

Wall Street Analyst Weigh In

CRBG has been the subject of several recent analyst reports. BMO Capital Markets boosted their target price on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Keefe, Bruyette & Woods boosted 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. Barclays boosted their price target on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Morgan Stanley boosted their price target on Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Finally, Piper Sandler boosted their price target on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, Corebridge Financial has a consensus rating of "Moderate Buy" and an average price target 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.