Corebridge Financial, Inc. $CRBG Shares Acquired by Sound Income Strategies LLC

Sound Income Strategies LLC increased its position in Corebridge Financial, Inc. (NYSE:CRBG) by 4.5% during the second quarter, Holdings Channel reports. The fund owned 355,357 shares of the company’s stock after purchasing an additional 15,236 shares during the quarter. Sound Income Strategies LLC’s holdings in Corebridge Financial were worth $12,615,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of CRBG. Pzena Investment Management LLC increased its holdings in shares of Corebridge Financial by 73.6% in the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company’s stock worth $254,158,000 after acquiring an additional 3,412,147 shares during the period. Nuveen LLC acquired a new stake in shares of Corebridge Financial in the 1st quarter worth about $100,404,000. AQR Capital Management LLC increased its stake in Corebridge Financial by 50.0% during the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock valued at $258,880,000 after buying an additional 2,780,764 shares during the period. Truist Financial Corp increased its stake in Corebridge Financial by 2,686.2% during the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company’s stock valued at $49,109,000 after buying an additional 1,499,733 shares during the period. Finally, LSV Asset Management increased its stake in Corebridge Financial by 51.3% during the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company’s stock valued at $136,920,000 after buying an additional 1,470,812 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the transaction, the insider directly owned 83,896,013 shares in the company, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.29% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have commented on CRBG shares. Wall Street Zen raised shares of Corebridge Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. raised their target price on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. UBS Group raised shares of Corebridge Financial from a “sell” rating to a “neutral” rating and raised their target price for the company from $28.00 to $37.00 in a research note on Friday, July 11th. BMO Capital Markets raised their target price on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, June 27th. Finally, Wells Fargo & Company raised their target price on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, July 2nd. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.80.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $33.13 on Monday. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. The company has a 50-day moving average of $34.04 and a 200-day moving average of $32.55. The firm has a market cap of $17.84 billion, a price-to-earnings ratio of -54.31, a price-to-earnings-growth ratio of 0.57 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The company had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same quarter last year, the firm posted $1.13 EPS. Analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.9%. Corebridge Financial’s dividend payout ratio (DPR) is -157.38%.

Corebridge Financial 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.