Corebridge Financial, Inc. (NYSE:CRBG) Stock Position Raised by Sound Income Strategies LLC

Sound Income Strategies LLC grew its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 6.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 334,106 shares of the company's stock after acquiring an additional 20,808 shares during the quarter. Sound Income Strategies LLC owned about 0.06% of Corebridge Financial worth $10,000,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CRBG. American Century Companies Inc. purchased a new position in shares of Corebridge Financial in the 2nd quarter worth $2,155,000. Amalgamated Bank lifted its stake in shares of Corebridge Financial by 24.9% in the 2nd quarter. Amalgamated Bank now owns 39,998 shares of the company's stock valued at $1,165,000 after purchasing an additional 7,969 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Corebridge Financial during the 2nd quarter worth about $241,000. Sei Investments Co. increased its position in Corebridge Financial by 5.9% during the 2nd quarter. Sei Investments Co. now owns 444,325 shares of the company's stock worth $12,939,000 after purchasing an additional 24,784 shares in the last quarter. Finally, Xponance Inc. lifted its position in Corebridge Financial by 3.0% during the second quarter. Xponance Inc. now owns 21,037 shares of the company's stock valued at $613,000 after buying an additional 612 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

Shares of NYSE CRBG traded up $0.58 during trading on Friday, hitting $33.22. The company had a trading volume of 2,862,022 shares, compared to its average volume of 3,269,783. The company has a market cap of $18.90 billion, a P/E ratio of -15.89, a PEG ratio of 0.36 and a beta of 0.92. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The business's 50-day moving average is $30.97 and its 200 day moving average is $29.79. Corebridge Financial, Inc. has a 52 week low of $23.01 and a 52 week high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the firm earned $1.05 earnings per share. Corebridge Financial's revenue for the quarter was up 39.5% compared to the same quarter last year. Equities research analysts predict that Corebridge Financial, Inc. will post 4.8 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial's payout ratio is -44.02%.

Wall Street Analyst Weigh In

CRBG has been the topic of several recent research reports. Morgan Stanley lifted their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. DOWLING & PARTN downgraded Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Wells Fargo & Company dropped their target price on Corebridge Financial from $37.00 to $35.00 and set an "overweight" rating on the stock in a report on Tuesday, January 14th. Barclays upgraded Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price target for the company in a report on Monday, January 6th. Finally, Piper Sandler lifted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.43.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the sale, the insider now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is currently owned by insiders.

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.