Cornercap Investment Counsel Inc. Has $709,000 Position in Corebridge Financial, Inc. (NYSE:CRBG)

Cornercap Investment Counsel Inc. reduced its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 41.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,329 shares of the company's stock after selling 17,403 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Corebridge Financial were worth $709,000 at the end of the most recent quarter.

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

Corebridge Financial Price Performance

Shares of CRBG stock traded down $0.05 during mid-day trading on Friday, reaching $30.48. The company's stock had a trading volume of 3,992,722 shares, compared to its average volume of 3,968,651. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The company has a market cap of $17.34 billion, a P/E ratio of -14.57, a PEG ratio of 0.39 and a beta of 0.90. Corebridge Financial, Inc. has a 1-year low of $19.26 and a 1-year high of $34.66. The firm's 50-day moving average is $29.87 and its two-hundred day moving average is $29.28.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced 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 company had revenue of $5.53 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 39.5% compared to the same quarter last year. During the same period last year, the company posted $1.05 earnings per share. On average, research analysts predict that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

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

Insider Buying and Selling

In related news, major shareholder International Group American sold 5,000,000 shares of the business'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 transaction of $144,300,000.00. Following the transaction, the insider now directly owns 279,238,898 shares of the company's stock, valued at approximately $8,058,834,596.28. The trade was a 1.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have weighed in on CRBG. Royal Bank of Canada dropped their price target on Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating for the company in a research report on Friday, August 2nd. 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. TD Cowen assumed coverage on Corebridge Financial in a report on Wednesday, October 9th. They issued a "buy" rating and a $35.00 price target for the company. Morgan Stanley increased their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 5th. Finally, Barclays raised 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 equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Corebridge Financial has an average rating of "Moderate Buy" and an average price target of $34.85.

Corebridge Financial 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.