Corebridge Financial, Inc. $CRBG Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC lowered its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 5.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 319,448 shares of the company’s stock after selling 17,760 shares during the quarter. Hsbc Holdings PLC’s holdings in Corebridge Financial were worth $9,678,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Norges Bank acquired a new position in Corebridge Financial during the fourth quarter valued at approximately $611,550,000. State Street Corp increased its position in shares of Corebridge Financial by 44.3% in the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after acquiring an additional 3,465,371 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Corebridge Financial by 91.5% in the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock valued at $178,340,000 after acquiring an additional 2,823,801 shares during the period. Amundi raised its stake in shares of Corebridge Financial by 227.7% in the 4th quarter. Amundi now owns 3,551,944 shares of the company’s stock valued at $107,162,000 after acquiring an additional 2,467,981 shares during the period. Finally, Alyeska Investment Group L.P. acquired a new position in shares of Corebridge Financial during the 3rd quarter valued at $69,738,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Up 1.7%

NYSE:CRBG opened at $28.63 on Friday. The business’s 50 day moving average is $27.46 and its two-hundred day moving average is $27.97. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The company has a market cap of $12.76 billion, a PE ratio of 52.06, a P/E/G ratio of 0.31 and a beta of 1.14.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The company had revenue of $4.08 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the prior year, the firm earned $1.16 EPS. On average, analysts predict that Corebridge Financial, Inc. will post 4.75 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial’s payout ratio is presently 181.82%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Morgan Stanley decreased their price target on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 3rd. JPMorgan Chase & Co. decreased their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. TD Cowen dropped their target price on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Bank of America reduced their price target on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Finally, Wells Fargo & Company upped their price target on Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $34.36.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.