Corebridge Financial, Inc. $CRBG Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC reduced its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 20.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 255,616 shares of the company’s stock after selling 63,832 shares during the quarter. Hsbc Holdings PLC’s holdings in Corebridge Financial were worth $6,099,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CRBG. Sumitomo Mitsui Trust Group Inc. raised its holdings in Corebridge Financial by 4.0% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 532,153 shares of the company’s stock valued at $12,697,000 after acquiring an additional 20,615 shares in the last quarter. Resona Asset Management Co. Ltd. grew its holdings in Corebridge Financial by 5.1% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 79,386 shares of the company’s stock worth $1,879,000 after acquiring an additional 3,882 shares in the last quarter. Intrinsic Value Partners LLC grew its holdings in Corebridge Financial by 29.4% during the 1st quarter. Intrinsic Value Partners LLC now owns 42,300 shares of the company’s stock worth $1,009,000 after acquiring an additional 9,600 shares in the last quarter. Kepler Cheuvreux Suisse SA bought a new stake in shares of Corebridge Financial in the 1st quarter worth about $1,092,000. Finally, Investors Asset Management of Georgia Inc. GA ADV acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at about $237,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Down 2.7%

NYSE:CRBG opened at $30.82 on Friday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. The stock has a 50 day moving average of $28.83 and a 200-day moving average of $27.92. The firm has a market capitalization of $13.74 billion, a PE ratio of 56.04, a price-to-earnings-growth ratio of 0.39 and a beta of 1.10. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The company had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same period last year, the business posted $1.16 EPS. Analysts predict that Corebridge Financial, Inc. will post 4.62 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 181.82%.

Analysts Set New Price Targets

CRBG has been the subject of a number of research reports. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Mizuho upped their price objective on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. TD Cowen increased their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. UBS Group lifted their target price on Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Finally, Jefferies Financial Group boosted their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $36.75.

Insider Transactions at Corebridge Financial

In other news, insider David Ditillo sold 4,250 shares of the business’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the completion of the transaction, the insider owned 128,153 shares of the company’s stock, valued at approximately $3,844,590. The trade was a 3.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.29% of the company’s stock.

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.