Lighthouse Investment Partners LLC Sells 37,641 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Lighthouse Investment Partners LLC trimmed its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 13.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 249,147 shares of the company's stock after selling 37,641 shares during the quarter. Lighthouse Investment Partners LLC's holdings in Corebridge Financial were worth $7,457,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. FNY Investment Advisers LLC bought a new stake in Corebridge Financial during the 4th quarter valued at $27,000. Smartleaf Asset Management LLC boosted its holdings in shares of Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock valued at $27,000 after acquiring an additional 480 shares in the last quarter. Oarsman Capital Inc. acquired a new position in shares of Corebridge Financial during the fourth quarter valued at approximately $30,000. Blue Trust Inc. raised its holdings in Corebridge Financial by 183.2% during the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company's stock worth $33,000 after purchasing an additional 729 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its position in Corebridge Financial by 58.4% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock worth $34,000 after purchasing an additional 423 shares during the period. Institutional investors own 98.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. UBS Group downgraded shares of Corebridge Financial from a "buy" rating to a "sell" rating and cut their target price for the company from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods upped their price target on shares of Corebridge Financial from $37.00 to $39.00 and gave the company an "outperform" rating in a report on Wednesday, May 7th. Barclays upped their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price objective for the company. Finally, Morgan Stanley cut their price target on shares of Corebridge Financial from $43.00 to $32.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Corebridge Financial currently has an average rating of "Moderate Buy" and an average target price of $36.62.

Corebridge Financial Stock Performance

Shares of CRBG traded up $0.49 on Friday, reaching $32.79. 3,036,911 shares of the company's stock traded hands, compared to its average volume of 3,515,616. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock has a market cap of $18.04 billion, a PE ratio of 8.67, a PEG ratio of 0.43 and a beta of 1.01. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $35.36. The stock's 50 day simple moving average is $30.08 and its two-hundred day simple moving average is $31.16.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.01. The business had revenue of $4.74 billion during the quarter, compared to analyst estimates of $5.28 billion. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. During the same quarter in the previous year, the firm earned $1.10 EPS. On average, analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Monday, June 16th. Corebridge Financial's dividend payout ratio (DPR) is presently 81.36%.

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.