Strs Ohio Sells 54,541 Shares of Corebridge Financial, Inc. $CRBG

Strs Ohio cut its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 89.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,461 shares of the company’s stock after selling 54,541 shares during the quarter. Strs Ohio’s holdings in Corebridge Financial were worth $207,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pzena Investment Management LLC increased its position in shares of Corebridge Financial by 132.6% during the second quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock valued at $664,691,000 after buying an additional 10,673,099 shares during the period. Norges Bank purchased a new stake in Corebridge Financial in the second quarter worth about $145,632,000. Goldman Sachs Group Inc. boosted its position in Corebridge Financial by 229.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after acquiring an additional 905,918 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Corebridge Financial by 42.8% during the 2nd quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock worth $102,403,000 after acquiring an additional 864,946 shares during the period. Finally, Russell Investments Group Ltd. raised its position in shares of Corebridge Financial by 113.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,272,797 shares of the company’s stock worth $45,195,000 after acquiring an additional 677,111 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRBG has been the topic of several research reports. Morgan Stanley restated an “equal weight” rating and set a $33.00 price target (down from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. UBS Group dropped their target price on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Weiss Ratings downgraded shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Wolfe Research began coverage on shares of Corebridge Financial in a research report on Friday, October 10th. They set a “peer perform” rating for the company. Finally, Evercore ISI cut their price objective on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $37.70.

Corebridge Financial Stock Up 1.1%

Shares of Corebridge Financial stock opened at $31.17 on Tuesday. The company has a 50-day simple moving average of $30.50 and a two-hundred day simple moving average of $31.91. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a market capitalization of $16.22 billion, a PE ratio of 18.55, a price-to-earnings-growth ratio of 0.43 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.12). The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. Corebridge Financial’s revenue was up 34.2% on a year-over-year basis. During the same period last year, the business earned $1.23 EPS. On average, analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

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.