Artemis Investment Management LLP Lowers Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Artemis Investment Management LLP trimmed its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 30.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,322,705 shares of the company's stock after selling 575,846 shares during the quarter. Artemis Investment Management LLP owned approximately 0.24% of Corebridge Financial worth $41,758,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Smartleaf Asset Management LLC increased its stake in 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 purchasing an additional 480 shares during the period. Oarsman Capital Inc. purchased a new position in shares of Corebridge Financial during the fourth quarter worth about $30,000. Sunbelt Securities Inc. acquired a new position in Corebridge Financial in the 4th quarter valued at about $30,000. Whittier Trust Co. of Nevada Inc. raised its stake in Corebridge Financial by 58.4% during the 4th 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 during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Corebridge Financial by 25.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company's stock worth $49,000 after acquiring an additional 329 shares during the period. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Trading Up 5.9%

Shares of CRBG stock opened at $35.02 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.96. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $35.50. The firm's 50 day moving average price is $31.75 and its two-hundred day moving average price is $31.39. The stock has a market cap of $19.25 billion, a price-to-earnings ratio of 29.68, a price-to-earnings-growth ratio of 0.53 and a beta of 1.04.

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 the consensus estimate of $1.15 by $0.01. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. The business had revenue of $4.74 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the previous year, the business posted $1.10 EPS. On average, analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend is Monday, June 16th. Corebridge Financial's dividend payout ratio (DPR) is presently 81.36%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CRBG shares. Piper Sandler boosted their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, April 2nd. Wells Fargo & Company lifted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. UBS Group downgraded shares of Corebridge Financial from a "buy" rating to a "sell" rating and cut their price objective for the stock from $40.00 to $28.00 in a research report on Wednesday, April 2nd. Wall Street Zen upgraded shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $37.00 to $39.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $37.54.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.