Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lowered its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 5.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,722,265 shares of the company's stock after selling 597,676 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.76% of Corebridge Financial worth $306,932,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at approximately $283,212,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Corebridge Financial by 31.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock valued at $986,539,000 after purchasing an additional 7,828,929 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Corebridge Financial by 4,624.2% in the fourth quarter. Wellington Management Group LLP now owns 3,707,960 shares of the company's stock valued at $110,979,000 after purchasing an additional 3,629,472 shares during the last quarter. LSV Asset Management acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at approximately $85,786,000. Finally, Truist Financial Corp increased its holdings in shares of Corebridge Financial by 2,686.2% in the first 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. Institutional investors and hedge funds own 98.25% of the company's stock.

Analyst Ratings Changes

CRBG has been the subject of several recent research reports. Wall Street Zen cut Corebridge Financial from a "hold" rating to a "sell" rating in a report on Sunday. Piper Sandler increased their price target on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Barclays increased their price target on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and increased their price objective for the stock from $28.00 to $37.00 in a research report on Friday. Finally, Wells Fargo & Company increased their price objective on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. One equities 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's stock. According to data from MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and an average price target of $39.91.

Corebridge Financial Trading Up 1.3%

CRBG opened at $34.95 on Tuesday. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.08. The business has a fifty day simple moving average of $33.15 and a 200-day simple moving average of $31.84. The firm has a market cap of $19.21 billion, a P/E ratio of 29.61, a P/E/G ratio of 0.57 and a beta of 1.06. 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 (NYSE:CRBG - Get Free Report) last released 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 during the quarter, compared to analyst estimates of $5.28 billion. During the same period last year, the business posted $1.10 earnings per share. On average, equities analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

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

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.

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