Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by New Vernon Investment Management LLC

New Vernon Investment Management LLC reduced its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 27.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 117,396 shares of the company’s stock after selling 44,113 shares during the period. Corebridge Financial comprises approximately 3.7% of New Vernon Investment Management LLC’s holdings, making the stock its 11th biggest position. New Vernon Investment Management LLC’s holdings in Corebridge Financial were worth $3,423,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tidal Investments LLC increased its holdings in shares of Corebridge Financial by 154.6% in the 1st quarter. Tidal Investments LLC now owns 25,647 shares of the company’s stock valued at $737,000 after acquiring an additional 15,574 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Corebridge Financial by 134.3% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 20,565 shares of the company’s stock worth $578,000 after buying an additional 11,786 shares during the last quarter. DNB Asset Management AS boosted its holdings in shares of Corebridge Financial by 9.5% in the 2nd quarter. DNB Asset Management AS now owns 46,392 shares of the company’s stock valued at $1,351,000 after buying an additional 4,006 shares during the period. CWM LLC grew its position in shares of Corebridge Financial by 13.8% during the 2nd quarter. CWM LLC now owns 8,762 shares of the company’s stock valued at $255,000 after buying an additional 1,063 shares during the last quarter. Finally, Renaissance Capital LLC raised its stake in Corebridge Financial by 54.2% during the second quarter. Renaissance Capital LLC now owns 229,680 shares of the company’s stock worth $6,688,000 after acquiring an additional 80,732 shares during the period. Institutional investors own 98.25% of the company’s stock.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the transaction, the insider now directly owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.08% of the company’s stock.

Corebridge Financial Price Performance

CRBG stock traded up $0.11 during trading hours on Tuesday, hitting $32.06. 818,191 shares of the stock traded hands, compared to its average volume of 3,955,146. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The stock has a 50-day simple moving average of $30.75 and a 200 day simple moving average of $29.46. Corebridge Financial, Inc. has a one year low of $20.07 and a one year high of $34.66. The company has a market cap of $18.24 billion, a P/E ratio of -15.29, a P/E/G ratio of 0.41 and a beta of 0.86.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm posted $1.05 EPS. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. Equities analysts forecast that Corebridge Financial, Inc. will post 4.81 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.87%. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

Analysts Set New Price Targets

A number of equities analysts have commented on CRBG shares. Piper Sandler decreased their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. TD Cowen boosted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Morgan Stanley increased their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Finally, Barclays lifted their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $35.00.

Corebridge Financial Company 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.