Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lessened its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 29.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,080 shares of the company's stock after selling 9,775 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Corebridge Financial were worth $729,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CRBG. New York Life Investment Management LLC acquired a new position in shares of Corebridge Financial in the 4th quarter worth approximately $781,000. Merit Financial Group LLC acquired a new position in shares of Corebridge Financial in the 1st quarter worth approximately $832,000. Raymond James Financial Inc. acquired a new position in shares of Corebridge Financial in the 4th quarter worth approximately $31,844,000. US Bancorp DE grew its position 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 worth $646,000 after acquiring an additional 21,296 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Corebridge Financial by 88.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,872 shares of the company's stock worth $2,899,000 after acquiring an additional 45,363 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Trading Down 0.5%

Shares of NYSE CRBG opened at $33.09 on Thursday. The stock's 50 day simple moving average is $31.60 and its 200 day simple moving average is $31.36. 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 company has a market cap of $18.19 billion, a price-to-earnings ratio of 28.05, a price-to-earnings-growth ratio of 0.54 and a beta of 1.04. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $35.36.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced 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. The firm had revenue of $4.74 billion for 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 in the previous year, the business earned $1.10 EPS. Equities research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.90%. The ex-dividend date is Monday, June 16th. Corebridge Financial's payout ratio is currently 81.36%.

Analysts Set New Price Targets

Several research analysts have recently commented on CRBG shares. Morgan Stanley lifted their target price on Corebridge Financial from $32.00 to $37.00 and gave the stock an "overweight" rating in a research report on Monday, May 19th. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Keefe, Bruyette & Woods lifted their target price on Corebridge Financial from $37.00 to $39.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. UBS Group downgraded Corebridge Financial from a "buy" rating to a "sell" rating and cut their price target for the stock from $40.00 to $28.00 in a report on Wednesday, April 2nd. Finally, Wells Fargo & Company raised their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target 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.

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