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

Amalgamated Bank lessened its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 66.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. ORG Wealth Partners LLC acquired a new stake in Corebridge Financial in the third quarter worth about $29,000. HM Payson & Co. acquired a new stake in Corebridge Financial in the third quarter worth about $29,000. LRI Investments LLC acquired a new stake in Corebridge Financial in the second quarter worth about $30,000. ORG Partners LLC acquired a new stake in Corebridge Financial in the second quarter worth about $32,000. Finally, Fifth Third Bancorp acquired a new stake in Corebridge Financial in the second quarter worth about $54,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Stock Up 1.0 %

Shares of NYSE CRBG traded up $0.32 during mid-day trading on Monday, reaching $30.80. 4,326,169 shares of the company's stock were exchanged, compared to its average volume of 3,970,254. The firm has a market capitalization of $17.52 billion, a price-to-earnings ratio of -14.58, a PEG ratio of 0.39 and a beta of 0.90. 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 business has a fifty day simple moving average of $29.87 and a 200 day simple moving average of $29.31. Corebridge Financial, Inc. has a twelve month low of $19.26 and a twelve month high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm earned $1.05 EPS. Corebridge Financial's revenue for the quarter was up 39.5% compared to the same quarter last year. As a group, equities analysts expect that Corebridge Financial, Inc. will post 4.78 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial's dividend payout ratio is presently -44.02%.

Analyst Ratings Changes

Several equities research analysts have commented on CRBG shares. TD Cowen started coverage on shares of Corebridge Financial in a research report on Wednesday, October 9th. They issued a "buy" rating and a $35.00 price target on the stock. Piper Sandler dropped their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 2nd. Royal Bank of Canada dropped their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating on the stock in a research report on Friday, August 2nd. Morgan Stanley boosted their price objective on Corebridge Financial from $31.00 to $34.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 5th. Finally, Barclays boosted their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, Corebridge Financial presently has an average rating of "Moderate Buy" and an average target price of $34.85.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the firm's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the transaction, the insider now directly owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This trade represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.08% of the stock is owned by insiders.

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.