Versor Investments LP sells 38,400 shares of Corebridge Financial, Inc. (NYSE:CRBG)

VaselineSeptember 4, 2024

0 4 minutes read

Versor Investments LP reduced its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG – Free Report) by 64.4% during the second quarter, Holdings Channel.com reports. The firm owned 21,200 shares of the company’s stock after selling 38,400 shares during the period. Versor Investments LP’s holdings in Corebridge Financial were worth $617,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of CRBG. CIBC Asset Management Inc bought a new position in shares of Corebridge Financial in the second quarter valued at about $547,000. Convergence Investment Partners LLC purchased a new stake in Corebridge Financial during the second quarter valued at approximately $2,134,000. Natixis Advisors LLC purchased a new position in shares of Corebridge Financial in the second quarter valued at about $1,543,000. Van ECK Associates Corp bought a new position in shares of Corebridge Financial during the second quarter valued at approximately $69,000. Finally, Commonwealth Equity Services LLC boosted its stake in Corebridge Financial by 2.7% during the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after buying an additional 597 shares during the period. Institutional investors own 98.25% of the company’s shares.

Corebridge Financial Trading falls 2.5%

NYSE CRBG opened at $28.81 on Wednesday. Corebridge Financial, Inc. has a one year low of $17.80 and a one year high of $34.66. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14, and a current ratio of 0.14. The company has a market cap of $17.53 billion, a price-to-earnings ratio of 7.58, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97. The company’s 50-day simple moving average is $28.57, and its two-hundred-day simple moving average is $28.07.

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Corebridge Financial (NYSE:CRBG – Get Your Free Report ) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. In the same quarter last year, the business posted EPS of $1.04. Equities analysts estimate that Corebridge Financial, Inc. will post 4.75 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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 issued a $0.23 dividend. This represents an annualized dividend of $0.92 and a yield of 3.19%. The ex-dividend date is Monday, September 16. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Insider trading at Corebridge Financial

In related news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction that occurred on 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 transaction, the insider now directly owns 284,238,898 shares of the company’s stock, valued at approximately $7,077,548,560.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC’s website. Insiders own 0.09% of the company’s shares.

Analysts on Wall Street are forecasting an increase

A number of analysts have recently analyzed the action. Jefferies Financial Group boosted their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Wells Fargo & Company upped their target price on Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, May 10th. UBS Group boosted their price objective on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Bank of America cut their price target on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Finally, Morgan Stanley cut their price target on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average price target of $33.67, according to MarketBeat.com.

Get the latest stock report on Corebridge Financial

Corebridge Financial Company Profile

(Free Report)

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. The individual retirement segment offers fixed annuities, fixed index annuities, variable annuities and retail mutual funds.