TD Asset Management Inc Sells 534,577 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Key Points

• TD Asset Management Inc significantly reduced its stake in Corebridge Financial by selling 534,577 shares, leaving it with only 28,123 shares, valued at approximately $888,000.
• Other institutional investors, such as LPL Financial and National Bank of Canada, increased their holdings in Corebridge Financial, indicating continued interest in the company despite TD's divestment.
• Corebridge Financial recently reported earnings of $1.36 per share, surpassing analysts' expectations, but its revenue of $4.42 billion fell short of the consensus estimate of $4.85 billion.

TD Asset Management Inc reduced its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 95.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,123 shares of the company's stock after selling 534,577 shares during the period. TD Asset Management Inc's holdings in Corebridge Financial were worth $888,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. MetLife Investment Management LLC raised its holdings in Corebridge Financial by 16.0% in the 4th quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock worth $155,000 after acquiring an additional 715 shares during the period. Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of Corebridge Financial by 80.2% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after acquiring an additional 748 shares during the period. Oarsman Capital Inc. acquired a new stake in Corebridge Financial during the fourth quarter valued at approximately $30,000. Sunbelt Securities Inc. acquired a new position in shares of Corebridge Financial in the 4th quarter worth approximately $30,000. Finally, Cerity Partners LLC boosted its stake in shares of Corebridge Financial by 4.6% in the 4th quarter. Cerity Partners LLC now owns 22,596 shares of the company's stock valued at $675,000 after purchasing an additional 1,001 shares in the last quarter. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Trading Down 3.0%

Shares of NYSE CRBG traded down $1.03 during midday trading on Thursday, reaching $33.20. The stock had a trading volume of 21,922,738 shares, compared to its average volume of 3,212,721. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.14 and a current ratio of 0.14. The company's 50 day moving average price is $34.15 and its 200 day moving average price is $32.34. The firm has a market cap of $18.25 billion, a price-to-earnings ratio of -54.42, a price-to-earnings-growth ratio of 0.56 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.04% and a negative net margin of 1.80%. The business had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. During the same quarter last year, the firm posted $1.13 earnings per share. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 annualized dividend and a dividend yield of 2.9%. Corebridge Financial's dividend payout ratio is currently 81.36%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CRBG. Morgan Stanley upped their price target 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. JPMorgan Chase & Co. raised their price objective on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Wall Street Zen upgraded shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Piper Sandler increased their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. Finally, BMO Capital Markets raised their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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.