Demars Financial Group LLC Increases Position in Corebridge Financial, Inc. (NYSE:CRBG)

Demars Financial Group LLC boosted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 11.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 375,936 shares of the company's stock after buying an additional 39,134 shares during the quarter. Demars Financial Group LLC owned 0.07% of Corebridge Financial worth $11,908,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. New York Life Investment Management LLC acquired a new position in Corebridge Financial in the fourth quarter valued at approximately $781,000. Merit Financial Group LLC acquired a new stake in Corebridge Financial in the 1st quarter valued at about $832,000. Raymond James Financial Inc. acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at approximately $31,844,000. Principal Securities Inc. grew its holdings in shares of Corebridge Financial by 557.3% in the fourth quarter. Principal Securities Inc. now owns 10,044 shares of the company's stock valued at $301,000 after purchasing an additional 8,516 shares during the period. Finally, US Bancorp DE raised its holdings in shares of Corebridge Financial by 7,525.1% in the 4th quarter. US Bancorp DE now owns 21,579 shares of the company's stock valued at $646,000 after buying an additional 21,296 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

Corebridge Financial stock traded up $0.58 during midday trading on Wednesday, reaching $32.60. The company's stock had a trading volume of 3,648,705 shares, compared to its average volume of 3,244,533. 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 fifty-two week low of $23.69 and a fifty-two week high of $35.36. The stock's 50 day simple moving average is $30.96 and its 200 day simple moving average is $31.33. The firm has a market capitalization of $17.92 billion, a PE ratio of 27.62, a P/E/G ratio of 0.52 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $1.16 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 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 company earned $1.10 EPS. On average, equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a $0.24 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.95%. Corebridge Financial's dividend payout ratio is presently 81.36%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Wells Fargo & Company upped their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. UBS Group cut Corebridge Financial from a "buy" rating to a "sell" rating and reduced their price objective for the company from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Morgan Stanley upped their price target on shares of Corebridge Financial from $32.00 to $37.00 and gave the company an "overweight" rating in a research report on Monday, May 19th. Barclays upped their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Finally, Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.00.

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.