Financial Harvest LLC Takes $9.71 Million Position in Corebridge Financial, Inc. (NYSE:CRBG)

Financial Harvest LLC acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 307,604 shares of the company's stock, valued at approximately $9,711,000. Corebridge Financial comprises about 6.4% of Financial Harvest LLC's portfolio, making the stock its 5th largest holding. Financial Harvest LLC owned about 0.06% of Corebridge Financial as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Corebridge Financial during the fourth quarter valued at approximately $283,212,000. Price T Rowe Associates Inc. MD grew its position in shares of Corebridge Financial by 31.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock valued at $986,539,000 after acquiring an additional 7,828,929 shares during the period. Wellington Management Group LLP grew its position in shares of Corebridge Financial by 4,624.2% during the 4th quarter. Wellington Management Group LLP now owns 3,707,960 shares of the company's stock valued at $110,979,000 after acquiring an additional 3,629,472 shares during the period. Pzena Investment Management LLC grew its holdings in Corebridge Financial by 73.6% during the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after purchasing an additional 3,412,147 shares during the period. Finally, LSV Asset Management bought a new stake in Corebridge Financial during the fourth quarter valued at about $85,786,000. Institutional investors own 98.25% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. BMO Capital Markets upped their price objective on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Wall Street Zen downgraded shares of Corebridge Financial from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. JPMorgan Chase & Co. increased their price target on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Morgan Stanley increased their price target on Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, June 27th. Finally, Piper Sandler increased their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $39.91.

Corebridge Financial Stock Performance

Shares of CRBG traded down $0.03 during mid-day 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. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.08. The firm has a market capitalization of $19.39 billion, a P/E ratio of 29.89, a P/E/G ratio of 0.57 and a beta of 1.06. The business's 50 day moving average is $33.44 and its two-hundred day moving average is $31.97. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.96.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.01. The company had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $5.28 billion. Corebridge Financial had a return on equity of 22.19% and a net margin of 3.73%. During the same quarter last year, the company earned $1.10 earnings per share. On average, equities analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend was Monday, June 16th. Corebridge Financial's dividend payout ratio (DPR) is 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.