Alps Advisors Inc. Acquires New Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Alps Advisors Inc. purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 11,030 shares of the company's stock, valued at approximately $348,000.

A number of other institutional investors also recently modified their holdings of the business. Envestnet Asset Management Inc. lifted its stake in shares of Corebridge Financial by 227.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock valued at $46,045,000 after buying an additional 1,013,259 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Corebridge Financial by 14.7% in the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock worth $42,399,000 after purchasing an additional 172,475 shares in the last quarter. Truist Financial Corp lifted its stake in Corebridge Financial by 2,686.2% in the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after purchasing an additional 1,499,733 shares in the last quarter. IFM Investors Pty Ltd lifted its stake in Corebridge Financial by 5.8% in the 1st quarter. IFM Investors Pty Ltd now owns 41,915 shares of the company's stock worth $1,222,000 after purchasing an additional 2,291 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in Corebridge Financial in the 1st quarter worth approximately $1,177,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Barclays increased their target price on shares of Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Wells Fargo & Company increased their price target on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Wall Street Zen lowered shares of Corebridge Financial from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. BMO Capital Markets increased their price target on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and an average price target of $39.91.

Corebridge Financial Stock Down 0.1%

Corebridge Financial stock traded down $0.03 during midday trading on Friday, hitting $35.27. 1,570,109 shares of the company's stock were exchanged, compared to its average volume of 3,252,697. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.08. The firm has a 50-day moving average of $33.44 and a two-hundred day moving average of $31.97. The company has a market cap of $19.39 billion, a PE ratio of 29.89, a P/E/G ratio of 0.57 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly 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 for the quarter, compared to analysts' expectations of $5.28 billion. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. During the same period last year, the business earned $1.10 EPS. As a group, analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Monday, June 16th. Corebridge Financial's dividend payout ratio is presently 81.36%.

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.