Bank of New York Mellon Corp Increases Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Bank of New York Mellon Corp boosted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 14.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,343,025 shares of the company's stock after purchasing an additional 172,475 shares during the period. Bank of New York Mellon Corp owned about 0.24% of Corebridge Financial worth $42,399,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRBG. Truist Financial Corp grew its position in shares of 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 buying an additional 1,499,733 shares during the last quarter. Merit Financial Group LLC purchased a new stake in Corebridge Financial in the first quarter worth $832,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Corebridge Financial by 88.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,872 shares of the company's stock valued at $2,899,000 after acquiring an additional 45,363 shares in the last quarter. Wells Fargo & Company MN increased its position in Corebridge Financial by 328.9% during the 4th quarter. Wells Fargo & Company MN now owns 386,423 shares of the company's stock valued at $11,566,000 after purchasing an additional 296,337 shares during the period. Finally, Pallas Capital Advisors LLC bought a new position in Corebridge Financial in the 1st quarter worth $1,045,000. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Up 1.3%

Shares of NYSE CRBG traded up $0.45 during trading on Monday, reaching $34.95. The company had a trading volume of 2,301,241 shares, compared to its average volume of 3,157,252. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.08. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.96. The business's 50-day moving average is $33.06 and its 200 day moving average is $31.81. The stock has a market cap of $19.21 billion, a PE ratio of 29.61, a P/E/G ratio of 0.57 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly 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 company had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter last year, the firm earned $1.10 earnings per share. As a group, equities analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.75%. The ex-dividend date was Monday, June 16th. Corebridge Financial's dividend payout ratio is currently 81.36%.

Analyst Ratings Changes

CRBG has been the topic of several research analyst reports. Wall Street Zen cut shares of Corebridge Financial from a "hold" rating to a "sell" rating in a research report on Sunday. Keefe, Bruyette & Woods lifted their price objective on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. JPMorgan Chase & Co. increased their target price on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Wells Fargo & Company raised their target price on Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Finally, Piper Sandler upped their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $39.91.

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.