Kestra Investment Management LLC Acquires Shares of 10,553 Corebridge Financial, Inc. (NYSE:CRBG)

Kestra Investment Management LLC bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 10,553 shares of the company’s stock, valued at approximately $316,000.

Other institutional investors have also modified their holdings of the company. Covestor Ltd grew its stake in Corebridge Financial by 118.8% during the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after purchasing an additional 570 shares in the last quarter. Sanctuary Advisors LLC raised its position in shares of Corebridge Financial by 3.1% in the 4th quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company’s stock valued at $664,000 after purchasing an additional 660 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Corebridge Financial by 183.2% during the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock valued at $33,000 after buying an additional 729 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Corebridge Financial by 3.4% during the third 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 in the last quarter. Finally, CIBC Asset Management Inc increased its stake in shares of Corebridge Financial by 4.2% in the third 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 last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Activity

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 transaction, the insider now owns 127,282,642 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this link. Corporate insiders own 0.08% of the company’s stock.

Corebridge Financial Price Performance

Shares of CRBG opened at $33.57 on Thursday. Corebridge Financial, Inc. has a 12 month low of $23.77 and a 12 month high of $34.66. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a fifty day moving average price of $31.60 and a 200 day moving average price of $30.30. The company has a market cap of $18.66 billion, a P/E ratio of 8.88, a PEG ratio of 0.42 and a beta of 0.94.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 EPS 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 5.47 earnings per share for the current 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 paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.96 annualized dividend and a dividend yield of 2.86%. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.34%.

Analyst Ratings Changes

CRBG has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and increased their price objective for the company from $33.00 to $40.00 in a research note on Friday, January 10th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. BMO Capital Markets began coverage on Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price objective for the company. Piper Sandler increased their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, Wells Fargo & Company lifted their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $36.64.

About Corebridge Financial

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.