Natixis Advisors LLC Trims Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Natixis Advisors LLC cut its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 4.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 50,849 shares of the company’s stock after selling 2,137 shares during the period. Natixis Advisors LLC’s holdings in Corebridge Financial were worth $1,483,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Capital Performance Advisors LLP bought a new stake in shares of Corebridge Financial in the third quarter valued at about $28,000. HM Payson & Co. purchased a new position in Corebridge Financial during the 3rd quarter valued at about $29,000. ORG Wealth Partners LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at about $29,000. LRI Investments LLC bought a new position in Corebridge Financial in the second quarter worth approximately $30,000. Finally, Covestor Ltd lifted its holdings in Corebridge Financial by 118.8% during the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after buying an additional 570 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the transaction, the insider now 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.08% of the company’s stock.

Corebridge Financial Price Performance

NYSE CRBG opened at $31.86 on Tuesday. The stock’s fifty day moving average price is $30.36 and its 200 day moving average price is $29.38. Corebridge Financial, Inc. has a 1 year low of $20.07 and a 1 year high of $34.66. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The company has a market cap of $18.12 billion, a price-to-earnings ratio of -15.24, a PEG ratio of 0.41 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same period last year, the business posted $1.05 earnings per share. As a group, equities research analysts forecast that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.89%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

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.