Corebridge Financial, Inc. (NYSE:CRBG) is American International Group Inc.’s Largest Position

American International Group Inc. decreased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 9.3% during the second quarter, according to its most recent filing with the SEC. The firm owned 294,203,636 shares of the company’s stock after selling 30,001,865 shares during the period. Corebridge Financial comprises about 96.7% of American International Group Inc.’s holdings, making the stock its largest holding. American International Group Inc. owned about 48.35% of Corebridge Financial worth $8,567,210,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CRBG. Principal Financial Group Inc. boosted its holdings in shares of Corebridge Financial by 3.2% during the 4th quarter. Principal Financial Group Inc. now owns 92,524 shares of the company’s stock valued at $2,004,000 after buying an additional 2,828 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in Corebridge Financial in the fourth quarter worth about $514,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Corebridge Financial during the fourth quarter valued at approximately $338,000. Corient Private Wealth LLC purchased a new position in shares of Corebridge Financial during the fourth quarter valued at approximately $1,599,000. Finally, Hsbc Holdings PLC boosted its position in shares of Corebridge Financial by 604.1% in the 4th quarter. Hsbc Holdings PLC now owns 130,926 shares of the company’s stock worth $2,833,000 after purchasing an additional 112,330 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of CRBG opened at $27.88 on Friday. The firm has a fifty day simple moving average of $28.04 and a two-hundred day simple moving average of $28.28. The firm has a market cap of $16.96 billion, a PE ratio of 7.34, a P/E/G ratio of 0.35 and a beta of 0.97. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. Corebridge Financial, Inc. has a 1-year low of $18.83 and a 1-year high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same quarter in the prior year, the business earned $1.04 earnings per share. On average, equities analysts anticipate that Corebridge Financial, Inc. will post 4.74 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s payout ratio is 24.21%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CRBG shares. JPMorgan Chase & Co. raised their price objective on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Barclays assumed coverage on Corebridge Financial in a report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price target for the company. Jefferies Financial Group upped their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Royal Bank of Canada reduced their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Morgan Stanley dropped their target price on shares of 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. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $33.62.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total value of $56,432,182.80. Following the transaction, the insider now directly owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 14,964,738 shares of company stock worth $400,732,195. 0.09% of the stock is owned by company insiders.

Corebridge Financial Company 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.