Skandinaviska Enskilda Banken AB publ Lowers Stake in Corebridge Financial, Inc. $CRBG

Skandinaviska Enskilda Banken AB publ cut its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 83.1% during the third quarter, HoldingsChannel reports. The fund owned 57,294 shares of the company’s stock after selling 281,883 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Corebridge Financial were worth $1,836,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Corebridge Financial by 7.2% during the 3rd quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock worth $859,963,000 after purchasing an additional 1,805,819 shares during the last quarter. State of New Jersey Common Pension Fund D grew its stake in Corebridge Financial by 1.2% in the third quarter. State of New Jersey Common Pension Fund D now owns 77,016 shares of the company’s stock valued at $2,468,000 after purchasing an additional 898 shares during the last quarter. Shell Asset Management Co. raised its holdings in Corebridge Financial by 174.0% in the third quarter. Shell Asset Management Co. now owns 24,224 shares of the company’s stock worth $776,000 after purchasing an additional 15,382 shares in the last quarter. Assetmark Inc. lifted its position in shares of Corebridge Financial by 47.7% during the third quarter. Assetmark Inc. now owns 1,390 shares of the company’s stock valued at $45,000 after buying an additional 449 shares during the last quarter. Finally, Public Sector Pension Investment Board bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at about $1,191,000. 98.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Mizuho began coverage on shares of Corebridge Financial in a research note on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price objective for the company. UBS Group reduced their price target on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Weiss Ratings cut Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Barclays dropped their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 10th. Finally, Zacks Research cut Corebridge Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 27th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $37.60.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $29.62 on Friday. The firm has a market capitalization of $14.27 billion, a price-to-earnings ratio of -55.88, a price-to-earnings-growth ratio of 0.39 and a beta of 1.04. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. The business has a fifty day moving average of $30.63 and a 200 day moving average of $31.50. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, February 9th. 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 positive return on equity of 18.92% and a negative net margin of 1.73%.The business had revenue of $6.34 billion for the quarter, compared to the consensus estimate of $5.02 billion. During the same quarter in the previous year, the business earned $1.06 EPS. As a group, research analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a $0.25 dividend. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 3.4%. Corebridge Financial’s dividend payout ratio is currently -188.68%.

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.