Picton Mahoney Asset Management Lowers Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Picton Mahoney Asset Management lowered its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 30.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 292,150 shares of the company's stock after selling 126,209 shares during the quarter. Picton Mahoney Asset Management's holdings in Corebridge Financial were worth $8,507,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in CRBG. Riverview Trust Co purchased a new position in Corebridge Financial in the first quarter worth $25,000. LRI Investments LLC purchased a new position in Corebridge Financial during the 2nd quarter worth $30,000. ORG Partners LLC acquired a new position in Corebridge Financial during the 2nd quarter valued at about $32,000. Fifth Third Bancorp purchased a new stake in Corebridge Financial in the second quarter valued at about $54,000. Finally, Vestor Capital LLC acquired a new stake in Corebridge Financial in the fourth quarter worth about $43,000. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Performance

Shares of NYSE CRBG traded up $0.67 during midday trading on Friday, reaching $29.56. 4,099,243 shares of the stock were exchanged, compared to its average volume of 4,061,554. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.94. The firm has a market cap of $17.99 billion, a price-to-earnings ratio of 7.78, a PEG ratio of 0.37 and a beta of 0.97. The firm has a 50-day simple moving average of $28.58 and a two-hundred day simple moving average of $27.96. Corebridge Financial, Inc. has a twelve month low of $17.65 and a twelve month high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.77%. The company had revenue of $4.18 billion during the quarter, compared to analysts' expectations of $5.73 billion. During the same quarter in the previous year, the company earned $1.04 earnings per share. As a group, analysts anticipate that Corebridge Financial, Inc. will post 4.73 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a yield of 3.11%. Corebridge Financial's dividend payout ratio is currently 24.21%.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 1,932,609 shares of the business's stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the sale, the insider now owns 292,271,027 shares of the company's stock, valued at approximately $8,534,313,988.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 39,964,738 shares of company stock valued at $1,132,432,195. Company insiders own 0.09% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CRBG shares. JPMorgan Chase & Co. upped their price objective on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a "neutral" rating in a report on Tuesday, July 2nd. Bank of America lowered their price objective 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. Wells Fargo & Company upped their target price on Corebridge Financial from $33.00 to $34.00 and gave the company an "overweight" rating in a research report on Friday, May 10th. Piper Sandler lifted their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a research report on Monday, May 6th. Finally, UBS Group boosted their price target on Corebridge Financial from $29.00 to $35.00 and gave the company a "buy" rating in a research note on Tuesday, July 9th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.67.

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.