Hsbc Holdings PLC Sells 254,092 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Hsbc Holdings PLC cut its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 36.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 437,785 shares of the company's stock after selling 254,092 shares during the period. Hsbc Holdings PLC owned approximately 0.08% of Corebridge Financial worth $13,112,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. FNY Investment Advisers LLC bought a new stake in shares of Corebridge Financial in the 4th quarter valued at about $27,000. Fortitude Family Office LLC acquired a new position in shares of Corebridge Financial in the 4th quarter valued at $27,000. Smartleaf Asset Management LLC increased its position in shares of Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock valued at $27,000 after buying an additional 480 shares in the last quarter. Oarsman Capital Inc. acquired a new stake in Corebridge Financial during the 4th quarter worth $30,000. Finally, Blue Trust Inc. grew its stake in Corebridge Financial by 183.2% in the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company's stock valued at $33,000 after acquiring an additional 729 shares during the period. Institutional investors own 98.25% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CRBG shares. Barclays cut their price objective on Corebridge Financial from $37.00 to $36.00 and set an "overweight" rating on the stock in a report on Friday, April 11th. Piper Sandler increased their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. UBS Group cut Corebridge Financial from a "buy" rating to a "sell" rating and reduced their price objective for the stock from $40.00 to $28.00 in a research report on Wednesday, April 2nd. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a "hold" rating to a "buy" rating and lifted their target price for the company from $33.00 to $40.00 in a research report on Friday, January 10th. Finally, Wells Fargo & Company reduced their price target on Corebridge Financial from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.15.

Corebridge Financial Stock Performance

Shares of CRBG stock traded up $0.64 during trading on Friday, reaching $30.59. 1,857,100 shares of the company's stock were exchanged, compared to its average volume of 3,542,754. The firm's fifty day moving average price is $30.31 and its 200-day moving average price is $31.15. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $35.36. The stock has a market capitalization of $16.90 billion, a PE ratio of 8.09, a PEG ratio of 0.43 and a beta of 0.98. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. As a group, sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.14%. This is a positive change from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's dividend payout ratio (DPR) is 25.40%.

About Corebridge Financial

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.