Meritage Portfolio Management Cuts Position in Corebridge Financial, Inc. (NYSE:CRBG)

Meritage Portfolio Management cut its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 91.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,228 shares of the company's stock after selling 90,886 shares during the period. Meritage Portfolio Management's holdings in Corebridge Financial were worth $240,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CRBG. Capital Performance Advisors LLP bought a new position in Corebridge Financial during the 3rd quarter worth about $28,000. HM Payson & Co. bought a new position in Corebridge Financial during the 3rd quarter worth about $29,000. ORG Wealth Partners LLC bought a new position in Corebridge Financial during the 3rd quarter worth about $29,000. LRI Investments LLC bought a new position in Corebridge Financial during the 2nd quarter worth about $30,000. Finally, Covestor Ltd grew its holdings in Corebridge Financial by 118.8% during the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company's stock worth $31,000 after acquiring an additional 570 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Piper Sandler dropped their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating on the stock in a report on Wednesday, October 2nd. TD Cowen began coverage on shares of Corebridge Financial in a research note on Wednesday, October 9th. They issued a "buy" rating and a $35.00 target price for the company. Royal Bank of Canada lowered 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. Barclays lifted their target price on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 5th. Finally, Morgan Stanley lifted their target price 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. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $34.85.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the company's stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the transaction, the insider now owns 279,238,898 shares of the company's stock, valued at $8,058,834,596.28. This represents a 0.00 % 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 corporate insiders.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock traded down $0.20 during trading hours on Tuesday, reaching $30.77. 1,464,215 shares of the company's stock were exchanged, compared to its average volume of 3,946,332. Corebridge Financial, Inc. has a 1 year low of $19.09 and a 1 year high of $34.66. The company has a market capitalization of $17.50 billion, a P/E ratio of -14.82, a price-to-earnings-growth ratio of 0.40 and a beta of 0.90. The business has a fifty day moving average of $29.66 and a two-hundred day moving average of $29.21. 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 announced its quarterly earnings data 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 negative net margin of 6.10% and a positive return on equity of 22.24%. The firm had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the firm posted $1.05 earnings per share. Corebridge Financial's quarterly revenue was up 39.5% on a year-over-year basis. As a group, research analysts predict that Corebridge Financial, Inc. will post 4.74 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

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.