Vest Financial LLC Has $12.91 Million Position in Corebridge Financial, Inc. $CRBG

Key Points

• Vest Financial LLC has significantly reduced its holdings in Corebridge Financial, Inc. by 45.3% during the second quarter, now owning 0.07% of the company, valued at approximately $12.91 million.
• Corebridge Financial's recent quarterly earnings report showed an EPS of $1.36, exceeding expectations, but with revenue of $4.42 billion falling short of analyst predictions.
• The company announced a quarterly dividend of $0.24 per share, yielding approximately 3.0%, despite a negative dividend payout ratio of -157.38%.

Vest Financial LLC reduced its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 45.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 363,726 shares of the company's stock after selling 301,719 shares during the period. Vest Financial LLC owned 0.07% of Corebridge Financial worth $12,912,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. IFP Advisors Inc increased its stake in Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company's stock valued at $26,000 after buying an additional 673 shares during the last quarter. Brooklyn Investment Group increased its stake in Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after buying an additional 581 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in Corebridge Financial in the 1st quarter valued at $75,000. Farther Finance Advisors LLC increased its stake in Corebridge Financial by 463.4% in the 2nd quarter. Farther Finance Advisors LLC now owns 2,524 shares of the company's stock valued at $90,000 after buying an additional 2,076 shares during the last quarter. Finally, SVB Wealth LLC acquired a new stake in Corebridge Financial in the 1st quarter valued at $85,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

CRBG stock opened at $31.58 on Tuesday. The company has a 50 day simple moving average of $33.38 and a 200 day simple moving average of $32.53. The stock has a market cap of $17.01 billion, a price-to-earnings ratio of -51.77, a P/E/G ratio of 0.55 and a beta of 1.02. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12.

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

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a dividend of $0.24 per share. The ex-dividend date was Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 3.0%. Corebridge Financial's dividend payout ratio is presently -157.38%.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company'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 transaction, the insider owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Piper Sandler lifted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Barclays decreased their price objective on shares of Corebridge Financial from $46.00 to $39.00 and set an "overweight" rating for the company in a research report on Wednesday, October 8th. Weiss Ratings reissued a "hold (c-)" rating on shares of Corebridge Financial in a research report on Wednesday, October 8th. UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $28.00 to $37.00 in a research report on Friday, July 11th. Finally, Evercore ISI decreased their price objective on shares of Corebridge Financial from $39.00 to $38.00 and set an "outperform" rating for the company in a research report on Thursday, October 9th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $39.91.

Corebridge Financial 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.

Want to see what other hedge funds are holding CRBG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corebridge Financial, Inc. (NYSE:CRBG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.