Ensign Peak Advisors Inc Sells 259,151 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Ensign Peak Advisors Inc trimmed its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 27.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 700,051 shares of the company’s stock after selling 259,151 shares during the quarter. Ensign Peak Advisors Inc owned about 0.12% of Corebridge Financial worth $20,385,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. grew its stake in Corebridge Financial by 3.2% during the 4th quarter. Principal Financial Group Inc. now owns 92,524 shares of the company’s stock worth $2,004,000 after buying an additional 2,828 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in Corebridge Financial in the fourth quarter worth about $514,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Corebridge Financial during the fourth quarter worth about $338,000. Corient Private Wealth LLC acquired a new position in shares of Corebridge Financial during the fourth quarter valued at about $1,599,000. Finally, Hsbc Holdings PLC raised 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 valued at $2,833,000 after purchasing an additional 112,330 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 8,032,129 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the sale, the insider now directly owns 284,238,898 shares in the company, valued at $7,077,548,560.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 14,964,738 shares of company stock valued at $400,732,195 over the last quarter. 0.09% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of recent analyst reports. UBS Group upped their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. JPMorgan Chase & Co. raised their price objective on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 2nd. Royal Bank of Canada decreased their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Bank of America cut their price objective on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Finally, Jefferies Financial Group boosted their target price on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target of $33.62.

Corebridge Financial Price Performance

NYSE:CRBG opened at $27.88 on Monday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. Corebridge Financial, Inc. has a 52 week low of $18.83 and a 52 week high of $34.66. The stock’s 50-day moving average price is $28.04 and its 200-day moving average price is $28.31. The stock has a market capitalization of $16.96 billion, a PE ratio of 7.34, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97.

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

Corebridge Financial Dividend Announcement

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

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.