KBC Group NV Has $20.04 Million Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

KBC Group NV lowered its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 1.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 687,125 shares of the company’s stock after selling 9,210 shares during the period. KBC Group NV’s holdings in Corebridge Financial were worth $20,037,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of CRBG. Capital Performance Advisors LLP bought a new position in Corebridge Financial in the third quarter valued at approximately $28,000. ORG Wealth Partners LLC bought a new position in Corebridge Financial in the 3rd quarter valued at about $29,000. HM Payson & Co. acquired a new position in Corebridge Financial in the 3rd quarter valued at $29,000. LRI Investments LLC bought a new stake in shares of Corebridge Financial in the second quarter valued at about $30,000. Finally, Covestor Ltd grew its position in shares of Corebridge Financial by 118.8% during the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after purchasing an additional 570 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

CRBG stock opened at $30.46 on Friday. The firm’s 50-day moving average price is $29.80 and its two-hundred day moving average price is $29.25. The stock has a market capitalization of $17.33 billion, a price-to-earnings ratio of -14.57, a PEG ratio of 0.39 and a beta of 0.90. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial, Inc. has a 12-month low of $19.26 and a 12-month high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the company posted $1.05 earnings per share. The firm’s revenue was up 39.5% on a year-over-year basis. As a group, equities analysts predict that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 3.02%. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the sale, the insider now owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. The trade was a 10.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.08% of the stock is owned by insiders.

Analyst Ratings Changes

CRBG has been the topic of several recent analyst reports. TD Cowen initiated coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 target price on the stock. Royal Bank of Canada dropped their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Piper Sandler reduced their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Morgan Stanley increased their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Barclays lifted their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.85.

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.