UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $36.17 Million Stock Position in Corebridge Financial, Inc. $CRBG

Key Points

• UBS AM reduced its Corebridge Financial stake by 14.7% in the second quarter, selling 217,822 shares and retaining 1.26 million shares worth approximately $36.2 million. Institutional investors collectively own 98.25% of the company.
• Analysts maintain a generally positive outlook, with nine Buy ratings and six Holds. The average price target is $37.42, while several firms recently raised their targets.
• Corebridge reported quarterly EPS of $1.12, exceeding estimates of $1.08, and declared a quarterly dividend of $0.25, equivalent to a 2.9% annual yield.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 14.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,263,484 shares of the company's stock after selling 217,822 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.28% of Corebridge Financial worth $36,174,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Pzena Investment Management LLC acquired a new position in Corebridge Financial in the second quarter valued at about $967,400,000. BlackRock Inc. bought a new position in shares of Corebridge Financial during the 2nd quarter valued at about $726,494,000. Norges Bank bought a new position in shares of Corebridge Financial during the 4th quarter valued at about $611,550,000. State Street Corp grew its position in shares of Corebridge Financial by 44.3% in the 4th quarter. State Street Corp now owns 11,295,692 shares of the company's stock valued at $340,791,000 after purchasing an additional 3,465,371 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Corebridge Financial by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock worth $211,575,000 after purchasing an additional 2,689,611 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. TD Cowen lifted their price target on Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Mizuho boosted their price target on Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. Jefferies Financial Group upped their price objective on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Finally, Barclays increased their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $37.42.

Corebridge Financial Stock Performance

Shares of CRBG opened at $34.79 on Friday. The company has a market cap of $15.51 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 0.43 and a beta of 1.08. The firm has a 50-day moving average of $31.81 and a 200-day moving average of $28.36. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $34.81. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the business posted $1.36 EPS. As a group, equities analysts forecast that Corebridge Financial, Inc. will post 4.58 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 2.9%. Corebridge Financial's dividend payout ratio is currently 58.48%.

Insider Buying and Selling

In related news, insider David Ditillo sold 12,414 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the sale, the insider owned 111,153 shares in the company, valued at approximately $3,779,202. This represents a 10.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth B. Cropper sold 7,745 shares of the firm's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total value of $256,049.70. Following the sale, the executive vice president directly owned 46,473 shares of the company's stock, valued at $1,536,397.38. This represents a 14.28% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 24,409 shares of company stock valued at $805,626. Insiders own 0.32% of the company's stock.

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.

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