Skandinaviska Enskilda Banken AB publ Sells 281,883 Shares of Corebridge Financial, Inc. $CRBG

Skandinaviska Enskilda Banken AB publ trimmed its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 83.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,294 shares of the company’s stock after selling 281,883 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Corebridge Financial were worth $1,836,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Corebridge Financial by 7.2% in the 3rd quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock worth $859,963,000 after acquiring an additional 1,805,819 shares during the last quarter. State of New Jersey Common Pension Fund D raised its position in Corebridge Financial by 1.2% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 77,016 shares of the company’s stock worth $2,468,000 after purchasing an additional 898 shares during the period. Shell Asset Management Co. raised its position in Corebridge Financial by 174.0% in the 3rd quarter. Shell Asset Management Co. now owns 24,224 shares of the company’s stock worth $776,000 after purchasing an additional 15,382 shares during the period. Assetmark Inc. lifted its stake in Corebridge Financial by 47.7% in the third quarter. Assetmark Inc. now owns 1,390 shares of the company’s stock worth $45,000 after purchasing an additional 449 shares during the last quarter. Finally, Public Sector Pension Investment Board purchased a new position in shares of Corebridge Financial during the third quarter valued at approximately $1,191,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

CRBG has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their price target on Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. Zacks Research lowered Corebridge Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 27th. Morgan Stanley reissued an “equal weight” rating and set a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Barclays cut their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, February 10th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Monday, January 5th. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $37.60.

Corebridge Financial Price Performance

CRBG opened at $29.62 on Friday. The company has a market capitalization of $14.27 billion, a price-to-earnings ratio of -55.88, a PEG ratio of 0.39 and a beta of 1.04. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57. The business’s fifty day simple moving average is $30.63 and its 200-day simple moving average is $31.50.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, February 9th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The company had revenue of $6.34 billion during the quarter, compared to analyst estimates of $5.02 billion. During the same period in the prior year, the firm earned $1.06 earnings per share. On average, equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio is currently -188.68%.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.