New Vernon Investment Management LLC Reduces Stake in Corebridge Financial, Inc. (NYSE:CRBG)

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

Other institutional investors have also recently added to or reduced their stakes in the company. Swedbank AB acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $5,639,000. Diversified Trust Co purchased a new stake in Corebridge Financial during the 2nd quarter valued at approximately $662,000. QRG Capital Management Inc. grew its stake in shares of Corebridge Financial by 145.1% in the 2nd quarter. QRG Capital Management Inc. now owns 207,097 shares of the company’s stock valued at $6,031,000 after purchasing an additional 122,601 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in shares of Corebridge Financial in the second quarter valued at approximately $1,886,000. Finally, Senator Investment Group LP increased its holdings in shares of Corebridge Financial by 152.2% in the second quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock valued at $33,779,000 after purchasing an additional 700,000 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.08% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CRBG shares. Barclays lifted their price objective on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. TD Cowen upped their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Morgan Stanley raised their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Piper Sandler cut their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Finally, DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. 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 stock has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Corebridge Financial Trading Up 0.3 %

NYSE CRBG traded up $0.11 during trading hours on Tuesday, hitting $32.06. 818,191 shares of the company’s stock were exchanged, compared to its average volume of 3,955,146. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The firm has a market capitalization of $18.24 billion, a P/E ratio of -15.29, a price-to-earnings-growth ratio of 0.41 and a beta of 0.86. The business’s 50 day moving average is $30.75 and its 200-day moving average is $29.46. Corebridge Financial, Inc. has a 12-month low of $20.07 and a 12-month high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the firm posted $1.05 earnings per share. Corebridge Financial’s revenue was up 39.5% on a year-over-year basis. As a group, analysts anticipate that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 2.87%. Corebridge Financial’s dividend payout ratio is currently -44.02%.

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.