Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Factory Mutual Insurance Co.

Factory Mutual Insurance Co. cut its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 808,400 shares of the company’s stock after selling 13,700 shares during the period. Factory Mutual Insurance Co.’s holdings in Corebridge Financial were worth $23,573,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CRBG. Riverview Trust Co purchased a new position in Corebridge Financial during the 1st quarter worth $25,000. LRI Investments LLC acquired a new position in shares of Corebridge Financial during the second quarter valued at about $30,000. ORG Partners LLC purchased a new position in shares of Corebridge Financial in the 2nd quarter valued at approximately $32,000. Fifth Third Bancorp acquired a new stake in Corebridge Financial in the 2nd quarter worth approximately $54,000. Finally, Deseret Mutual Benefit Administrators grew its position in Corebridge Financial by 73.2% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after purchasing an additional 877 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the transaction, the insider now directly owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded up $0.36 during trading on Friday, hitting $30.33. 2,959,782 shares of the stock traded hands, compared to its average volume of 3,976,322. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The company has a fifty day moving average price of $28.02 and a two-hundred day moving average price of $28.62. Corebridge Financial, Inc. has a 52-week low of $18.83 and a 52-week high of $34.66. The company has a market cap of $17.96 billion, a price-to-earnings ratio of 9.45, a P/E/G ratio of 0.42 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The business had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the prior year, the firm posted $1.04 earnings per share. As a group, equities analysts predict that Corebridge Financial, Inc. will post 4.66 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.03%. The ex-dividend date was Monday, September 16th. Corebridge Financial’s payout ratio is currently 28.66%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CRBG. Royal Bank of Canada decreased their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Morgan Stanley dropped their price target on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Piper Sandler reduced their price objective 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. JPMorgan Chase & Co. lifted their target price on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Finally, Bank of America cut their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $34.46.

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.