183,967 Shares in Corebridge Financial, Inc. (NYSE:CRBG) Acquired by Sound Income Strategies LLC

Sound Income Strategies LLC bought a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 183,967 shares of the company’s stock, valued at approximately $5,285,000.

A number of other hedge funds also recently modified their holdings of the business. Rhumbline Advisers lifted its position in shares of Corebridge Financial by 72.4% in the third quarter. Rhumbline Advisers now owns 152,119 shares of the company’s stock worth $3,004,000 after purchasing an additional 63,903 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in Corebridge Financial in the 3rd quarter worth approximately $868,000. Envestnet Asset Management Inc. lifted its position in Corebridge Financial by 38.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 928,087 shares of the company’s stock worth $18,330,000 after buying an additional 255,358 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Corebridge Financial by 128.4% during the 3rd quarter. Invesco Ltd. now owns 333,170 shares of the company’s stock valued at $6,580,000 after buying an additional 187,272 shares during the period. Finally, CI Investments Inc. grew its holdings in shares of Corebridge Financial by 7,879.8% during the 3rd quarter. CI Investments Inc. now owns 9,097 shares of the company’s stock valued at $180,000 after acquiring an additional 8,983 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CRBG. Piper Sandler lifted their price objective on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, May 6th. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Evercore ISI raised their price objective on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 target price on shares of Corebridge Financial in a research note on Friday, April 12th. Finally, Wells Fargo & Company increased their price target on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, May 10th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $29.55.

Corebridge Financial Stock Performance

Shares of NYSE CRBG traded down $0.21 during trading hours on Wednesday, hitting $29.12. 3,369,329 shares of the stock were exchanged, compared to its average volume of 4,488,284. Corebridge Financial, Inc. has a one year low of $16.80 and a one year high of $34.66. The company’s 50 day moving average is $29.06 and its 200 day moving average is $26.17. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a market capitalization of $17.72 billion, a P/E ratio of 7.66, a P/E/G ratio of 0.32 and a beta of 0.99.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.05. The company had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.50 billion. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. During the same period in the prior year, the company earned $0.97 earnings per share. On average, research analysts expect that Corebridge Financial, Inc. will post 4.95 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Friday, June 14th. Corebridge Financial’s dividend payout ratio (DPR) is currently 24.21%.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $29.20, for a total value of $876,000,000.00. Following the completion of the sale, the insider now owns 294,203,636 shares in the company, valued at $8,590,746,171.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.09% of the company’s stock.

About Corebridge Financial

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.