New Vernon Investment Management LLC Sells 101,125 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

New Vernon Investment Management LLC cut its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 86.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,271 shares of the company's stock after selling 101,125 shares during the period. Corebridge Financial accounts for 0.3% of New Vernon Investment Management LLC's portfolio, making the stock its 27th largest holding. New Vernon Investment Management LLC's holdings in Corebridge Financial were worth $510,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its stake in Corebridge Financial by 25.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company's stock valued at $49,000 after acquiring an additional 329 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in Corebridge Financial by 58.4% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock valued at $34,000 after acquiring an additional 423 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in Corebridge Financial by 112.4% during 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. Sanctuary Advisors LLC grew its stake in Corebridge Financial by 3.1% during the fourth quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company's stock valued at $664,000 after acquiring an additional 660 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in Corebridge Financial by 16.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock valued at $155,000 after acquiring an additional 715 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Morgan Stanley cut their target price on shares of Corebridge Financial from $43.00 to $32.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Piper Sandler lifted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 2nd. Barclays dropped their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set an "overweight" rating for the company in a research note on Friday, April 11th. Wells Fargo & Company dropped their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Corebridge Financial from $40.00 to $37.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and an average target price of $36.15.

Corebridge Financial Trading Down 3.2 %

Shares of NYSE CRBG traded down $0.97 during midday trading on Wednesday, hitting $29.38. The company's stock had a trading volume of 1,052,918 shares, compared to its average volume of 3,542,305. 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 business's 50 day moving average is $30.43 and its two-hundred day moving average is $31.16. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $35.36. The firm has a market cap of $16.23 billion, a P/E ratio of 7.77, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share 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%. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.24 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 3.27%. This is a boost from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's dividend payout ratio is 25.40%.

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.