Vestor Capital LLC Sells 46,400 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• Vestor Capital cut its Corebridge Financial stake by 95.9% in the first quarter, selling 46,400 shares and retaining 2,000 shares valued at $48,000. Institutional investors collectively own 98.25% of the company.
• Corebridge reported quarterly EPS of $1.05, slightly below the $1.07 consensus estimate, while revenue of $4.08 billion fell short of the $5.06 billion forecast. The company paid a quarterly dividend of $0.25, equivalent to a 3.2% yield.
• Analysts maintain a generally positive outlook, with nine Buy ratings and six Holds, producing a “Moderate Buy” consensus and an average price target of $36.75 versus the stock’s reported $31.20 opening price.

Vestor Capital LLC reduced its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 95.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,000 shares of the company's stock after selling 46,400 shares during the period. Vestor Capital LLC's holdings in Corebridge Financial were worth $48,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Sonoma Allocations LLC purchased a new stake in Corebridge Financial during the 1st quarter valued at $30,000. Janus Henderson Group PLC increased its holdings in shares of Corebridge Financial by 414.3% in the 1st quarter. Janus Henderson Group PLC now owns 56,229 shares of the company's stock worth $1,342,000 after purchasing an additional 45,295 shares in the last quarter. Sunbelt Securities Inc. raised its stake in shares of Corebridge Financial by 7.4% in the first quarter. Sunbelt Securities Inc. now owns 28,907 shares of the company's stock worth $690,000 after purchasing an additional 2,003 shares during the last quarter. Amundi raised its stake in shares of Corebridge Financial by 50.1% in the first quarter. Amundi now owns 5,332,396 shares of the company's stock worth $127,231,000 after purchasing an additional 1,780,452 shares during the last quarter. Finally, Family Manage LLC raised its stake in shares of Corebridge Financial by 15.1% in the first quarter. Family Manage LLC now owns 16,009 shares of the company's stock worth $382,000 after purchasing an additional 2,102 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Price Performance

NYSE CRBG opened at $31.20 on Friday. The stock has a market capitalization of $13.91 billion, a price-to-earnings ratio of 56.74, a PEG ratio of 0.39 and a beta of 1.10. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.57. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The business's fifty day moving average price is $29.34 and its 200-day moving average price is $27.97.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). The firm had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same period in the previous year, the firm earned $1.16 EPS. On average, equities analysts predict that Corebridge Financial, Inc. will post 4.55 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial's dividend payout ratio (DPR) is presently 181.82%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Wells Fargo & Company increased their price objective on Corebridge Financial from $35.00 to $36.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Weiss Ratings lowered Corebridge Financial from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, May 26th. Jefferies Financial Group upped their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Finally, TD Cowen raised their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $36.75.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of the business's stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $30.00, for a total transaction of $127,500.00. Following the completion of the sale, the insider directly owned 128,153 shares in the company, valued at $3,844,590. The trade was a 3.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.29% 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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