Amalgamated Bank Sells 26,507 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Amalgamated Bank lowered its position in Corebridge Financial, Inc. (NYSE:CRBG) by 66.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,491 shares of the company’s stock after selling 26,507 shares during the quarter. Amalgamated Bank’s holdings in Corebridge Financial were worth $393,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CRBG. Catalyst Capital Advisors LLC lifted its position in shares of Corebridge Financial by 30.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 92,790 shares of the company’s stock worth $2,706,000 after buying an additional 21,790 shares during the period. Asset Management One Co. Ltd. lifted its position in shares of Corebridge Financial by 2.5% during the 3rd quarter. Asset Management One Co. Ltd. now owns 128,349 shares of the company’s stock worth $3,743,000 after buying an additional 3,150 shares during the period. QRG Capital Management Inc. lifted its position in shares of Corebridge Financial by 25.8% during the 3rd quarter. QRG Capital Management Inc. now owns 260,426 shares of the company’s stock worth $7,594,000 after buying an additional 53,329 shares during the period. Forum Financial Management LP bought a new position in shares of Corebridge Financial during the 3rd quarter worth approximately $286,000. Finally, Robeco Institutional Asset Management B.V. lifted its position in shares of Corebridge Financial by 25.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,251,058 shares of the company’s stock worth $65,641,000 after buying an additional 462,917 shares during the period. Institutional investors own 98.25% of the company’s stock.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the sale, the insider now directly owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This trade represents a 10.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.08% of the company’s stock.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $30.48 on Monday. Corebridge Financial, Inc. has a twelve month low of $19.26 and a twelve month high of $34.66. The stock’s 50 day moving average price is $29.87 and its 200-day moving average price is $29.31. The company has a market capitalization of $17.34 billion, a PE ratio of -14.58, a PEG ratio of 0.39 and a beta of 0.90. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the previous year, the business earned $1.05 earnings per share. The firm’s quarterly revenue was up 39.5% compared to the same quarter last year. On average, equities analysts anticipate that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.02%. Corebridge Financial’s dividend payout ratio (DPR) is currently -44.02%.

Analysts Set New Price Targets

Several brokerages have issued reports on CRBG. TD Cowen began coverage on Corebridge Financial in a research report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price objective for the company. Piper Sandler cut their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Morgan Stanley lifted their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Barclays lifted their price objective on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada cut their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $34.85.

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.