Sumitomo Mitsui Trust Holdings Inc. Sells 98,941 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Sumitomo Mitsui Trust Holdings Inc. trimmed its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 17.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 474,979 shares of the company's stock after selling 98,941 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.08% of Corebridge Financial worth $13,831,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Riverview Trust Co acquired a new stake in Corebridge Financial during the 1st quarter worth $25,000. ORG Partners LLC acquired a new stake in Corebridge Financial during the 2nd quarter worth $32,000. Vestor Capital LLC acquired a new stake in shares of Corebridge Financial in the 4th quarter worth $43,000. Headlands Technologies LLC acquired a new stake in shares of Corebridge Financial in the 4th quarter worth $65,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Corebridge Financial in the 1st quarter worth $100,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

NYSE:CRBG traded up $0.35 during mid-day trading on Wednesday, hitting $28.12. 2,356,548 shares of the company's stock traded hands, compared to its average volume of 4,121,403. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.14 and a current ratio of 0.14. The firm's 50 day simple moving average is $28.61 and its 200 day simple moving average is $27.73. Corebridge Financial, Inc. has a 1 year low of $17.40 and a 1 year high of $34.66. The company has a market cap of $17.11 billion, a PE ratio of 7.40, a price-to-earnings-growth ratio of 0.37 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.04. The business had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.77%. During the same period in the previous year, the firm posted $1.04 earnings per share. Sell-side analysts expect that Corebridge Financial, Inc. will post 4.73 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.23 per share. The ex-dividend date is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.27%. Corebridge Financial's dividend payout ratio (DPR) is presently 24.21%.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 1,932,609 shares of Corebridge Financial stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the sale, the insider now directly owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 39,964,738 shares of company stock worth $1,132,432,195 over the last ninety days. 0.09% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently commented on CRBG shares. Jefferies Financial Group raised their target price on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, June 28th. Bank of America reduced their target price on shares of Corebridge Financial from $40.00 to $38.00 and set a "buy" rating for the company in a research note on Thursday, July 11th. Royal Bank of Canada reduced 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. UBS Group raised their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a "buy" rating in a research note on Tuesday, July 9th. Finally, Piper Sandler raised their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a research note on Monday, May 6th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $33.67.

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.