Victory Capital Management Inc. Has $39.50 Million Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Victory Capital Management Inc. cut its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 22.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,356,295 shares of the company's stock after selling 381,514 shares during the period. Victory Capital Management Inc. owned approximately 0.22% of Corebridge Financial worth $39,495,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CRBG. Amalgamated Bank boosted its holdings in Corebridge Financial by 60.6% in the 4th quarter. Amalgamated Bank now owns 48,050 shares of the company's stock valued at $1,041,000 after purchasing an additional 18,137 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Corebridge Financial by 44.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,001,915 shares of the company's stock worth $43,361,000 after buying an additional 619,341 shares in the last quarter. Principal Financial Group Inc. increased its position in Corebridge Financial by 3.2% in the fourth quarter. Principal Financial Group Inc. now owns 92,524 shares of the company's stock worth $2,004,000 after purchasing an additional 2,828 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Corebridge Financial by 29.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,048,383 shares of the company's stock worth $131,008,000 after buying an additional 1,371,667 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in shares of Corebridge Financial by 12.8% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,819 shares of the company's stock valued at $538,000 after purchasing an additional 2,817 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded down $0.40 on Tuesday, hitting $26.61. The company had a trading volume of 3,983,506 shares, compared to its average volume of 4,070,325. The stock has a market cap of $15.75 billion, a price-to-earnings ratio of 7.00, a P/E/G ratio of 0.35 and a beta of 0.97. The stock has a 50 day moving average price of $28.37 and a 200 day moving average price of $28.14. Corebridge Financial, Inc. has a 1-year low of $18.24 and a 1-year high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The firm had revenue of $4.18 billion for the quarter, compared to analysts' expectations of $5.73 billion. During the same period in the prior year, the firm earned $1.04 EPS. Analysts expect that Corebridge Financial, Inc. will post 4.75 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date is Monday, September 16th. Corebridge Financial's dividend payout ratio is 24.21%.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of Corebridge Financial stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the completion of the sale, the insider now owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.09% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on CRBG. Morgan Stanley reduced their target price on Corebridge Financial from $33.00 to $31.00 and set an "equal weight" rating on the stock in a report on Monday, August 19th. Barclays initiated coverage on Corebridge Financial in a report on Wednesday, September 4th. They set an "equal weight" rating and a $33.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on Corebridge Financial from $26.00 to $34.00 and gave the company a "neutral" rating in a research note on Tuesday, July 2nd. UBS Group raised their price target 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, 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 report on Thursday, July 11th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Corebridge Financial has a consensus rating of "Moderate Buy" and an average price target of $33.62.

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.