Corebridge Financial, Inc. $CRBG Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 3.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 450,491 shares of the company’s stock after selling 15,674 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Corebridge Financial were worth $14,920,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CRBG. ProShare Advisors LLC increased its stake in shares of Corebridge Financial by 4.7% in the third quarter. ProShare Advisors LLC now owns 9,994 shares of the company’s stock valued at $331,000 after buying an additional 445 shares during the period. Farther Finance Advisors LLC raised its position in shares of Corebridge Financial by 11.8% during the third quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock worth $185,000 after acquiring an additional 590 shares during the last quarter. Allworth Financial LP raised its position in shares of Corebridge Financial by 100.6% during the second quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock worth $41,000 after acquiring an additional 724 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Corebridge Financial by 15.8% during the third quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock worth $193,000 after acquiring an additional 796 shares during the last quarter. Finally, State of Wyoming lifted its stake in shares of Corebridge Financial by 16.1% in the first quarter. State of Wyoming now owns 5,919 shares of the company’s stock worth $141,000 after acquiring an additional 823 shares during the period. Institutional investors own 98.25% of the company’s stock.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder Life Insurance Co Nippon bought 356,096 shares of the company’s stock in a transaction that occurred on Tuesday, November 3rd. The shares were bought at an average price of $36.13 per share, for a total transaction of $12,865,748.48. Following the transaction, the insider directly owned 132,890,209 shares of the company’s stock, valued at approximately $4,801,323,251.17. The trade was a 0.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have acquired 10,729,538 shares of company stock valued at $369,813,983. Insiders own 0.32% of the company’s stock.

Corebridge Financial Trading Down 5.5%

Shares of CRBG stock opened at $34.24 on Friday. The company has a market cap of $15.26 billion, a P/E ratio of 7.35, a PEG ratio of 0.53 and a beta of 1.05. The stock has a 50 day simple moving average of $34.39 and a two-hundred day simple moving average of $29.94. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $36.71.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 2nd. The company reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01). The business had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $5.36 billion. Corebridge Financial had a return on equity of 20.64% and a net margin of 11.37%. Corebridge Financial’s quarterly revenue was down 20.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.96 earnings per share. Research analysts forecast that Corebridge Financial, Inc. will post 4.58 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Thursday, December 17th will be paid a $0.25 dividend. The ex-dividend date is Thursday, December 17th. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. Corebridge Financial’s payout ratio is currently 21.46%.

Wall Street Analyst Weigh In

Several analysts recently commented on CRBG shares. Jefferies Financial Group upped their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. UBS Group raised their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, October 6th. Mizuho upped their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, October 7th. Keefe, Bruyette & Woods upped their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Finally, Barclays increased their price objective on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.18.

Trending Headlines about Corebridge Financial

Here are the key news stories impacting Corebridge Financial this week:

• Positive Sentiment: Nippon Life continued its substantial purchases, adding 356,096 shares for about $12.9 million on Nov. 3 and 190,251 shares for about $6.7 million on Nov. 2. The repeat buying may signal confidence, although the additions are small relative to its existing stake. Nippon Life transaction filing
• Positive Sentiment: Third-quarter EPS rose to $1.22 from $0.96 a year earlier. Management also pointed to strong annuity sales and momentum in advisory services, offering some support to the growth outlook. Q3 results presentation
• Negative Sentiment: Revenue was $4.50 billion, well below the $5.36 billion consensus estimate and down 20% year over year. EPS of $1.22 also narrowly missed the $1.23 estimate. The revenue shortfall and decline may be weighing more heavily on investor sentiment than the earnings growth and shareholder purchases. Corebridge Q3 operating earnings

Corebridge Financial Company Profile

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.