Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd cut its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 73.9% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 6,323 shares of the company's stock after selling 17,879 shares during the period. Harvest Fund Management Co. Ltd's holdings in Corebridge Financial were worth $184,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA lifted its position in shares of Corebridge Financial by 2.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company's stock valued at $305,709,000 after acquiring an additional 284,781 shares in the last quarter. TD Asset Management Inc lifted its holdings in Corebridge Financial by 0.5% in the 2nd quarter. TD Asset Management Inc now owns 7,426,483 shares of the company's stock valued at $216,259,000 after purchasing an additional 37,269 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Corebridge Financial by 249.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company's stock worth $183,894,000 after purchasing an additional 4,507,322 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Corebridge Financial by 40.3% during the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company's stock worth $129,961,000 after buying an additional 1,282,154 shares in the last quarter. Finally, Donald Smith & CO. Inc. raised its position in shares of Corebridge Financial by 12.7% in the third quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company's stock valued at $126,411,000 after buying an additional 489,545 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Trading Up 1.1 %

CRBG stock traded up $0.36 during mid-day trading on Thursday, hitting $32.41. 2,745,300 shares of the company were exchanged, compared to its average volume of 3,988,089. Corebridge Financial, Inc. has a 12-month low of $20.07 and a 12-month high of $34.66. The firm has a market capitalization of $18.44 billion, a P/E ratio of -15.51, a PEG ratio of 0.41 and a beta of 0.90. The business has a fifty day simple moving average of $30.57 and a 200-day simple moving average of $29.42. 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 - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping analysts' consensus estimates of $1.17 by $0.21. The firm had revenue of $5.53 billion during the quarter, compared to analysts' expectations of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm's quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter last year, the company posted $1.05 EPS. On average, equities research analysts predict that Corebridge Financial, Inc. will post 4.78 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company 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 $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.84%. Corebridge Financial's payout ratio is presently -44.02%.

Insider Activity at Corebridge Financial

In related 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 shares were sold at an average price of $31.20, for a total value 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. The trade was a 10.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CRBG shares. DOWLING & PARTN lowered shares of Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Piper Sandler lowered their target price on Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating on the stock in a report on Wednesday, October 2nd. Barclays increased their price target on Corebridge Financial from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. Morgan Stanley upped their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. Finally, TD Cowen lifted their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and an average target price of $35.00.

Corebridge Financial Company Profile

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.