Truist Financial Corp Purchases 48,453 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Truist Financial Corp grew its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 656.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 55,831 shares of the company's stock after purchasing an additional 48,453 shares during the period. Truist Financial Corp's holdings in Corebridge Financial were worth $1,671,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Raymond James & Associates increased its position in Corebridge Financial by 36.6% in the 3rd quarter. Raymond James & Associates now owns 206,251 shares of the company's stock valued at $6,014,000 after buying an additional 55,292 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Corebridge Financial by 142.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 112,254 shares of the company's stock worth $3,273,000 after purchasing an additional 65,958 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Corebridge Financial in the 3rd quarter valued at $2,367,000. Nisa Investment Advisors LLC increased its position in shares of Corebridge Financial by 9,241.6% during the third quarter. Nisa Investment Advisors LLC now owns 65,391 shares of the company's stock worth $1,907,000 after acquiring an additional 64,691 shares in the last quarter. Finally, Pallas Capital Advisors LLC bought a new stake in Corebridge Financial during the 3rd quarter worth approximately $222,000. Institutional investors own 98.25% of the company's stock.

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Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. DOWLING & PARTN lowered Corebridge Financial from a "strong-buy" rating to a "hold" rating in a report on Tuesday, November 26th. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a "hold" rating to a "buy" rating and upped their price objective for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Barclays upgraded shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price objective for the company in a research note on Monday, January 6th. Finally, BMO Capital Markets assumed coverage on Corebridge Financial in a research note on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 target price on the stock. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $37.29.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 121,956,256 shares of the company's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the sale, the insider now directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.08% of the company's stock.

Corebridge Financial Stock Performance

NYSE:CRBG traded down $0.54 during trading hours on Monday, reaching $34.14. The stock had a trading volume of 1,332,947 shares, compared to its average volume of 3,046,817. Corebridge Financial, Inc. has a 12-month low of $23.77 and a 12-month high of $35.36. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a 50 day simple moving average of $32.06 and a 200 day simple moving average of $30.70. The stock has a market cap of $18.98 billion, a P/E ratio of 9.03, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. On average, research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.24 per share. This is a boost from Corebridge Financial's previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a yield of 2.81%. Corebridge Financial's payout ratio is presently 25.40%.

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.