Victory Capital Management Inc. Lowers Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Victory Capital Management Inc. lessened its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 24.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 964,676 shares of the company's stock after selling 303,822 shares during the period. Victory Capital Management Inc. owned 0.17% of Corebridge Financial worth $30,455,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Oarsman Capital Inc. purchased a new stake in Corebridge Financial during the 4th quarter valued at $30,000. Sunbelt Securities Inc. bought a new position in shares of Corebridge Financial during the fourth quarter valued at $30,000. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Corebridge Financial by 58.4% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock valued at $34,000 after buying an additional 423 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased its holdings in Corebridge Financial by 80.2% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after buying an additional 748 shares in the last quarter. Finally, Quarry LP bought a new position in Corebridge Financial during the 4th quarter valued at about $63,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Performance

NYSE CRBG traded down $0.69 on Monday, hitting $34.57. 2,549,673 shares of the company's stock traded hands, compared to its average volume of 3,249,885. The firm's 50-day moving average price is $33.44 and its two-hundred day moving average price is $31.98. The firm has a market capitalization of $19.00 billion, a PE ratio of 29.30, a P/E/G ratio of 0.57 and a beta of 1.06. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.96. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.01. The company had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $5.28 billion. Corebridge Financial had a return on equity of 22.19% and a net margin of 3.73%. During the same quarter in the prior year, the business posted $1.10 earnings per share. As a group, analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Monday, June 16th. Corebridge Financial's dividend payout ratio is presently 81.36%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CRBG shares. Keefe, Bruyette & Woods raised their price objective on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Piper Sandler lifted their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. Barclays increased their price target on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Finally, UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and raised their target price for the company from $28.00 to $37.00 in a report on Friday, July 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price 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.