Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 22.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,049,231 shares of the company's stock after selling 307,064 shares during the quarter. Victory Capital Management Inc. owned 0.18% of Corebridge Financial worth $30,596,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Capital Performance Advisors LLP purchased a new stake in Corebridge Financial during the third quarter worth $28,000. HM Payson & Co. purchased a new stake in shares of Corebridge Financial in the 3rd quarter worth about $29,000. ORG Wealth Partners LLC acquired a new stake in Corebridge Financial in the 3rd quarter valued at about $29,000. LRI Investments LLC purchased a new position in Corebridge Financial during the 2nd quarter valued at about $30,000. Finally, Covestor Ltd raised its position 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 acquiring an additional 570 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the 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 in the company, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.08% of the stock is currently owned by insiders.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $30.48 on Friday. The company has a market cap of $17.34 billion, a P/E ratio of -14.58, a P/E/G ratio of 0.39 and a beta of 0.90. The firm's 50 day moving average is $29.87 and its two-hundred day moving average is $29.30. Corebridge Financial, Inc. has a fifty-two week low of $19.26 and a fifty-two week high of $34.66. 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 issued its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.21. The firm had revenue of $5.53 billion for the quarter, compared to analysts' expectations of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm's revenue for the quarter was up 39.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.05 earnings per share. Analysts expect that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 3.02%. Corebridge Financial's payout ratio is -44.02%.

Analysts Set New Price Targets

Several analysts have recently commented on CRBG shares. Morgan Stanley increased their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a research report on Tuesday, November 5th. Piper Sandler dropped their price target 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. Barclays boosted their price target on Corebridge Financial from $34.00 to $36.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 5th. TD Cowen initiated coverage on Corebridge Financial in a research note on Wednesday, October 9th. They set a "buy" rating and a $35.00 price objective on the stock. Finally, Royal Bank of Canada cut their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating for the company in a research note on Friday, August 2nd. 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 data from MarketBeat.com, Corebridge Financial currently has a consensus rating of "Moderate Buy" and an average target price of $34.85.

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.