QRG Capital Management Inc. Has $5.92 Million Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

QRG Capital Management Inc. cut its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 32.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 187,461 shares of the company’s stock after selling 90,984 shares during the quarter. QRG Capital Management Inc.’s holdings in Corebridge Financial were worth $5,918,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Smartleaf Asset Management LLC boosted its stake in Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after acquiring an additional 480 shares in the last quarter. Oarsman Capital Inc. bought a new position in Corebridge Financial during the fourth quarter worth $30,000. Sunbelt Securities Inc. bought a new position in Corebridge Financial during the fourth quarter worth $30,000. Whittier Trust Co. of Nevada Inc. boosted its stake in Corebridge Financial by 58.4% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company’s stock worth $34,000 after acquiring an additional 423 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Corebridge Financial by 25.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company’s stock worth $49,000 after acquiring an additional 329 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Stock Down 1.0%

CRBG opened at $32.01 on Wednesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.14 and a quick ratio of 0.14. The company’s 50-day moving average is $30.96 and its 200 day moving average is $31.33. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $35.36. The firm has a market capitalization of $17.60 billion, a P/E ratio of 27.13, a PEG ratio of 0.52 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. The company had revenue of $4.74 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period last year, the firm earned $1.10 earnings per share. Research analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a dividend of $0.24 per share. The ex-dividend date is Monday, June 16th. This represents a $0.96 dividend on an annualized basis and a yield of 3.00%. Corebridge Financial’s dividend payout ratio (DPR) is presently 81.36%.

Analyst Upgrades and Downgrades

CRBG has been the topic of several research analyst reports. Piper Sandler increased their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods raised their price objective on shares of Corebridge Financial from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Wednesday, May 7th. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. Morgan Stanley raised their price objective on shares of Corebridge Financial from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday, May 19th. Finally, UBS Group lowered shares of Corebridge Financial from a “buy” rating to a “sell” rating and dropped their price objective for the company from $40.00 to $28.00 in a research note on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $37.00.

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.