Cubist Systematic Strategies LLC Sells 36,996 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Cubist Systematic Strategies LLC lessened its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 23.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 122,756 shares of the company's stock after selling 36,996 shares during the quarter. Cubist Systematic Strategies LLC's holdings in Corebridge Financial were worth $3,575,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Riverview Trust Co bought a new position in Corebridge Financial during the 1st quarter worth about $25,000. LRI Investments LLC bought a new position in Corebridge Financial during the 2nd quarter worth about $30,000. ORG Partners LLC bought a new position in Corebridge Financial during the 2nd quarter worth about $32,000. Fifth Third Bancorp bought a new position in Corebridge Financial during the 2nd quarter worth about $54,000. Finally, Deseret Mutual Benefit Administrators increased its holdings in Corebridge Financial by 73.2% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company's stock worth $60,000 after purchasing an additional 877 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Trading Down 0.2 %

Shares of CRBG stock opened at $28.90 on Friday. 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. The firm has a 50 day moving average price of $27.95 and a two-hundred day moving average price of $28.43. The company has a market capitalization of $17.11 billion, a PE ratio of 7.61, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.04. The firm 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 quarter last year, the company earned $1.04 EPS. As a group, analysts predict that Corebridge Financial, Inc. will post 4.73 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial's payout ratio is currently 24.21%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 1,932,609 shares of the firm'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 transaction, the insider now owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 14,964,738 shares of company stock worth $400,732,195. Company insiders own 0.09% of the company's stock.

Wall Street Analyst Weigh In

CRBG has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on Corebridge Financial from $26.00 to $34.00 and gave the stock a "neutral" rating in a report on Tuesday, July 2nd. Barclays started coverage on Corebridge Financial in a report on Wednesday, September 4th. They issued an "equal weight" rating and a $33.00 price objective for the company. Royal Bank of Canada decreased their price objective on Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating for the company in a report on Friday, August 2nd. UBS Group raised their price objective on Corebridge Financial from $29.00 to $35.00 and gave the company a "buy" rating in a report on Tuesday, July 9th. Finally, Morgan Stanley decreased their price objective on Corebridge Financial from $33.00 to $31.00 and set an "equal weight" rating for the company in a report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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.