UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 217,822 Shares of Corebridge Financial, Inc. $CRBG

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 14.7% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,263,484 shares of the company’s stock after selling 217,822 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Corebridge Financial were worth $36,174,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its holdings in Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after purchasing an additional 905,918 shares during the period. Focus Partners Wealth bought a new position in shares of Corebridge Financial during the first quarter worth approximately $384,000. Creative Planning acquired a new stake in shares of Corebridge Financial in the second quarter valued at approximately $243,000. EverSource Wealth Advisors LLC raised its position in shares of Corebridge Financial by 58.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock valued at $162,000 after buying an additional 1,688 shares in the last quarter. Finally, Cerity Partners LLC boosted its stake in shares of Corebridge Financial by 64.4% in the second quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock valued at $3,286,000 after buying an additional 36,239 shares during the period. Institutional investors own 98.25% of the company’s stock.

Insider Transactions at Corebridge Financial

In other news, EVP Elizabeth Cropper sold 7,745 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total value of $256,049.70. Following the sale, the executive vice president directly owned 46,473 shares in the company, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider directly owned 111,153 shares in the company, valued at $3,779,202. This trade represents a 10.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 24,409 shares of company stock valued at $805,626 in the last three months. Company insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on CRBG shares. Barclays raised their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Keefe, Bruyette & Woods increased their target price on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Mizuho raised their price target on Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Thursday, July 9th. Finally, JPMorgan Chase & Co. dropped their price target on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.42.

Corebridge Financial Stock Up 3.7%

Shares of CRBG opened at $34.79 on Friday. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $34.81. The company has a market cap of $15.51 billion, a P/E ratio of 20.35, a P/E/G ratio of 0.43 and a beta of 1.08. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a 50 day simple moving average of $31.81 and a two-hundred day simple moving average of $28.36.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The firm had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the prior year, the company earned $1.36 earnings per share. Research analysts forecast that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 2.9%. Corebridge Financial’s payout ratio is presently 58.48%.

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.