Sound Income Strategies LLC Invests $5.29 Million in Corebridge Financial, Inc. (NYSE:CRBG)

Sound Income Strategies LLC bought a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the first quarter, Holdings Channel reports. The institutional investor bought 183,967 shares of the company’s stock, valued at approximately $5,285,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Riverview Trust Co bought a new stake in shares of Corebridge Financial during the first quarter valued at approximately $25,000. Vestor Capital LLC bought a new stake in Corebridge Financial during the 4th quarter valued at $43,000. Headlands Technologies LLC bought a new stake in Corebridge Financial during the 4th quarter valued at $65,000. CI Investments Inc. raised its holdings in Corebridge Financial by 7,879.8% during the third quarter. CI Investments Inc. now owns 9,097 shares of the company’s stock worth $180,000 after buying an additional 8,983 shares during the last quarter. Finally, Jackson Hole Capital Partners LLC bought a new position in shares of Corebridge Financial in the fourth quarter valued at $210,000. 98.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CRBG shares. Royal Bank of Canada restated an “outperform” rating and issued a $32.00 target price on shares of Corebridge Financial in a report on Friday, April 12th. Keefe, Bruyette & Woods raised their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Morgan Stanley increased their price target on Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Wells Fargo & Company lifted their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, May 10th. Finally, Evercore ISI increased their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $29.55.

Corebridge Financial Stock Performance

Shares of CRBG stock traded down $0.21 during trading hours on Wednesday, hitting $29.12. 3,369,329 shares of the company were exchanged, compared to its average volume of 4,488,284. Corebridge Financial, Inc. has a 52-week low of $16.80 and a 52-week high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. The firm has a fifty day simple moving average of $29.06 and a 200 day simple moving average of $26.17. The stock has a market capitalization of $17.72 billion, a price-to-earnings ratio of 7.66, a P/E/G ratio of 0.32 and a beta of 0.99.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.05. The company had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same quarter in the prior year, the company earned $0.97 EPS. Research analysts predict that Corebridge Financial, Inc. will post 4.95 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Friday, June 14th. Corebridge Financial’s dividend payout ratio is presently 24.21%.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $29.20, for a total value of $876,000,000.00. Following the sale, the insider now directly owns 294,203,636 shares in the company, valued at approximately $8,590,746,171.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.09% of the company’s stock.

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.