Seven Eight Capital LP Has $1.34 Million Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Seven Eight Capital LP decreased its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 72.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 46,094 shares of the company's stock after selling 119,439 shares during the quarter. Seven Eight Capital LP's holdings in Corebridge Financial were worth $1,342,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Capital Research Global Investors lifted its holdings in shares of Corebridge Financial by 9.9% during the first quarter. Capital Research Global Investors now owns 33,841,160 shares of the company's stock worth $972,257,000 after buying an additional 3,059,354 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Corebridge Financial by 6.0% in the first quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company's stock valued at $721,938,000 after buying an additional 1,415,265 shares during the period. Massachusetts Financial Services Co. MA grew its position in Corebridge Financial by 2.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 10,199,075 shares of the company's stock worth $296,997,000 after buying an additional 227,973 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in Corebridge Financial by 106.3% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company's stock valued at $216,831,000 after acquiring an additional 5,157,570 shares during the period. Finally, TD Asset Management Inc raised its holdings in Corebridge Financial by 0.5% in the 2nd quarter. TD Asset Management Inc now owns 7,426,483 shares of the company's stock valued at $216,259,000 after acquiring an additional 37,269 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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 stock was 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 directly owns 292,271,027 shares in the company, valued at approximately $8,534,313,988.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have sold 14,964,738 shares of company stock valued at $400,732,195. 0.09% of the stock is owned by insiders.

Corebridge Financial Stock Performance

Shares of CRBG stock traded down $0.15 on Friday, reaching $27.83. The stock had a trading volume of 727,508 shares, compared to its average volume of 4,017,083. The firm's 50-day moving average is $28.07 and its two-hundred day moving average is $28.22. The firm has a market capitalization of $16.93 billion, a price-to-earnings ratio of 7.30, a P/E/G ratio of 0.35 and a beta of 0.97. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. Corebridge Financial, Inc. has a 12 month low of $18.83 and a 12 month high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.04. The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period in the previous year, the firm earned $1.04 EPS. On average, research analysts expect that Corebridge Financial, Inc. will post 4.74 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed 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 annualized dividend and a yield of 3.31%. Corebridge Financial's dividend payout ratio (DPR) is presently 24.21%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. UBS Group increased their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a "buy" rating in a research note on Tuesday, July 9th. Bank of America decreased their price target on Corebridge Financial from $40.00 to $38.00 and set a "buy" rating on the stock in a research note on Thursday, July 11th. Barclays assumed 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. Jefferies Financial Group upped their target price on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, June 28th. Finally, Royal Bank of Canada cut their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating for the company in a report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock 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.