Victory Capital Management Inc. Sells 307,064 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Victory Capital Management Inc. trimmed its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 22.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,049,231 shares of the company’s stock after selling 307,064 shares during the period. Victory Capital Management Inc.’s holdings in Corebridge Financial were worth $30,596,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. increased its holdings in Corebridge Financial by 1.8% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 483,478 shares of the company’s stock worth $14,098,000 after buying an additional 8,499 shares during the last quarter. Entropy Technologies LP bought a new position in shares of Corebridge Financial in the 3rd quarter valued at about $627,000. Versor Investments LP increased its stake in shares of Corebridge Financial by 26.4% during the 3rd quarter. Versor Investments LP now owns 26,800 shares of the company’s stock worth $781,000 after purchasing an additional 5,600 shares during the last quarter. Jupiter Wealth Management LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at about $117,000. Finally, Intrinsic Value Partners LLC acquired a new stake in Corebridge Financial in the 3rd quarter valued at about $712,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now directly owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.08% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

Corebridge Financial Trading Down 0.2 %

NYSE CRBG opened at $30.48 on Friday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $17.34 billion, a P/E ratio of -14.58, a PEG ratio of 0.39 and a beta of 0.90. The business has a fifty day simple moving average of $29.87 and a 200 day simple moving average of $29.30. Corebridge Financial, Inc. has a 12 month low of $19.26 and a 12 month high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) 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 analyst estimates of $5.66 billion. During the same period in the prior year, the company posted $1.05 earnings per share. Corebridge Financial’s quarterly revenue was up 39.5% on a year-over-year basis. On average, analysts predict that Corebridge Financial, Inc. will post 4.78 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared 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 of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 3.02%. Corebridge Financial’s payout ratio is currently -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.