Schroder Investment Management Sells Over 353,000 Corebridge Shares

Schroder Investment Management Group has significantly reduced its stake in Corebridge Financial, Inc. (NYSE: CRBG) by selling 353,923 shares, which represents a 64.5% reduction during the second quarter of 2023. Following this sale, Schroder now holds 195,081 shares, valued at approximately $6.93 million according to its latest filing with the Securities and Exchange Commission (SEC).

This divestiture is part of a broader trend, as several other investment firms have also adjusted their positions in Corebridge Financial. For example, Cetera Investment Advisers increased its holdings by 25.3% in the first quarter, acquiring an additional 5,091 shares to reach 25,216 shares, valued at about $796,000. Similarly, LPL Financial LLC grew its position by 3.8%, owning 180,778 shares worth $5.71 million after acquiring 6,593 shares.

Additionally, PNC Financial Services Group Inc. boosted its stake by 38.9%, now holding 6,003 shares valued at $190,000, while iA Global Asset Management Inc. established a new position worth around $358,000. Vanguard Group Inc. remains the largest shareholder, owning 24,249,948 shares valued at approximately $765.57 million, after a 1.4% increase in holdings.

Institutional investors currently dominate Corebridge Financial’s ownership, holding 98.25% of its stock.

Analyst Ratings and Market Performance

Corebridge Financial has been the subject of various analyst evaluations. Morgan Stanley recently maintained an “equal weight” rating on the stock but adjusted its price target down from $39.00 to $33.00. Weiss Ratings reaffirmed a “buy (b-)” rating, while Wolfe Research initiated coverage with a “peer perform” rating.

In another notable adjustment, Keefe, Bruyette & Woods lowered their price target from $42.00 to $41.00, maintaining an “outperform” rating. Wells Fargo & Company also reduced its price target from $44.00 to $43.00 but kept its “overweight” rating.

The consensus among analysts indicates a “Moderate Buy” rating, with an average price target set at $39.40. Currently, eight analysts recommend buying the stock, while four suggest holding.

On November 4, 2023, Corebridge Financial reported its quarterly earnings, revealing earnings per share (EPS) of $0.96, missing the consensus estimate of $1.08 by $0.12. The firm generated revenues of $5.63 billion, surpassing analyst expectations of $4.85 billion. Corebridge’s net margin stood at 5.01%, with a return on equity of 19.90%. Year-over-year, quarterly revenue increased by 34.2%, although EPS fell from $1.23 recorded during the same quarter last year.

Dividend Announcement and Future Projections

In addition to its financial reporting, Corebridge Financial announced a quarterly dividend of $0.24 per share, set to be paid on December 31, 2023. Stockholders of record by December 17, 2023, will receive this dividend, which translates to an annualized dividend of $0.96 and a yield of 3.2%. The company’s dividend payout ratio currently stands at 57.14%.

Looking ahead, analysts project that Corebridge Financial will achieve an EPS of $5.43 for the current fiscal year.

Corebridge Financial, based in the United States, specializes in retirement solutions and insurance products, operating through various segments including Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets.