SG Americas Securities LLC Reduces Stock Holdings in Corebridge Financial, Inc. $CRBG

SG Americas Securities LLC lowered its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 32.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 276,608 shares of the company’s stock after selling 132,552 shares during the period. SG Americas Securities LLC’s holdings in Corebridge Financial were worth $8,345,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. True Wealth Design LLC lifted its position in shares of Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after purchasing an additional 412 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Corebridge Financial by 64.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 80,176 shares of the company’s stock valued at $2,488,000 after buying an additional 31,391 shares during the period. NorthCrest Asset Manangement LLC bought a new position in Corebridge Financial in the fourth quarter worth about $465,000. CWA Asset Management Group LLC raised its stake in Corebridge Financial by 6.0% in the fourth quarter. CWA Asset Management Group LLC now owns 156,440 shares of the company’s stock worth $4,720,000 after buying an additional 8,786 shares in the last quarter. Finally, Tudor Investment Corp ET AL lifted its holdings in Corebridge Financial by 1,626.9% in the third quarter. Tudor Investment Corp ET AL now owns 524,760 shares of the company’s stock worth $16,819,000 after buying an additional 494,373 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the company. Weiss Ratings cut Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. TD Cowen lowered their target price on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Morgan Stanley reduced their price target on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 3rd. Barclays decreased their price objective on Corebridge Financial from $34.00 to $33.00 and set an “overweight” rating for the company in a report on Wednesday, March 11th. Finally, JPMorgan Chase & Co. lowered their price objective on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Monday, January 5th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average target price of $36.27.

Corebridge Financial Stock Up 1.9%

Shares of Corebridge Financial stock opened at $22.71 on Tuesday. The company has a 50-day simple moving average of $27.56 and a two-hundred day simple moving average of $29.77. The stock has a market capitalization of $10.94 billion, a PE ratio of -42.85, a price-to-earnings-growth ratio of 0.35 and a beta of 1.12. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $36.57. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The company had revenue of $6.34 billion during the quarter, compared to the consensus estimate of $5.02 billion. During the same quarter last year, the firm earned $1.06 earnings per share. On average, analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Tuesday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio is -188.68%.

Corebridge Financial Company Profile

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.