Kestra Investment Management LLC Takes $316,000 Position in Corebridge Financial, Inc. (NYSE:CRBG)

Kestra Investment Management LLC bought a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,553 shares of the company's stock, valued at approximately $316,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Covestor Ltd boosted its holdings in Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company's stock worth $31,000 after buying an additional 570 shares during the period. Sanctuary Advisors LLC boosted its holdings in Corebridge Financial by 3.1% in the 4th quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company's stock worth $664,000 after buying an additional 660 shares during the period. Blue Trust Inc. boosted its holdings in Corebridge Financial by 183.2% in the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company's stock worth $33,000 after buying an additional 729 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Corebridge Financial by 3.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company's stock worth $648,000 after buying an additional 732 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in Corebridge Financial by 4.2% in the 3rd quarter. CIBC Asset Management Inc now owns 19,579 shares of the company's stock worth $571,000 after buying an additional 793 shares during the period. 98.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CRBG has been the subject of several analyst reports. BMO Capital Markets started coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 price objective for the company. Wells Fargo & Company 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. DOWLING & PARTN cut shares of Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 26th. TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Finally, Morgan Stanley increased their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.64.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the firm's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the sale, the insider now owns 127,282,642 shares of the company's stock, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.08% of the company's stock.

Corebridge Financial Trading Down 2.4 %

NYSE:CRBG traded down $0.82 during trading hours on Friday, reaching $32.67. The company's stock had a trading volume of 1,139,457 shares, compared to its average volume of 3,173,060. The firm has a market capitalization of $18.16 billion, a price-to-earnings ratio of 8.64, a PEG ratio of 0.42 and a beta of 0.94. The firm has a 50-day simple moving average of $31.66 and a 200-day simple moving average of $30.33. Corebridge Financial, Inc. has a 1 year low of $23.77 and a 1 year high of $34.66. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. Research analysts expect that Corebridge Financial, Inc. will post 5.45 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date is Monday, March 17th. This is a positive change from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's dividend payout ratio (DPR) is 24.34%.

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.