Cerity Partners LLC Boosts Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Cerity Partners LLC increased its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 149.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 56,315 shares of the company's stock after purchasing an additional 33,719 shares during the period. Cerity Partners LLC's holdings in Corebridge Financial were worth $1,778,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Alps Advisors Inc. purchased a new stake in shares of Corebridge Financial in the 1st quarter valued at about $348,000. Envestnet Asset Management Inc. lifted its holdings in shares of Corebridge Financial by 227.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock valued at $46,045,000 after purchasing an additional 1,013,259 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of 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 valued at $42,399,000 after purchasing an additional 172,475 shares during the last quarter. Truist Financial Corp lifted its holdings 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 valued at $49,109,000 after purchasing an additional 1,499,733 shares during the last quarter. Finally, IFM Investors Pty Ltd raised its stake in Corebridge Financial by 5.8% during the 1st quarter. IFM Investors Pty Ltd now owns 41,915 shares of the company's stock valued at $1,222,000 after acquiring an additional 2,291 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Wall Street Zen downgraded Corebridge Financial from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Piper Sandler upped their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and upped their price objective for the company from $28.00 to $37.00 in a research note on Friday, July 11th. BMO Capital Markets upped their price objective on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. Finally, Barclays upped their price objective on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $39.91.

Corebridge Financial Stock Performance

NYSE CRBG opened at $35.27 on Monday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.96. The business's 50 day moving average is $33.44 and its two-hundred day moving average is $31.98. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.08. The stock has a market capitalization of $19.39 billion, a price-to-earnings ratio of 29.89, a PEG ratio of 0.57 and a beta of 1.06.

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

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.72%. The ex-dividend date was Monday, June 16th. Corebridge Financial's payout ratio is currently 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.

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