First Trust Advisors LP Has $14.16 Million Stake in Corebridge Financial, Inc. $CRBG

First Trust Advisors LP lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 53.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 593,627 shares of the company's stock after acquiring an additional 205,557 shares during the period. First Trust Advisors LP owned 0.13% of Corebridge Financial worth $14,164,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC grew its holdings in Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock valued at $26,000 after purchasing an additional 532 shares during the last quarter. Rothschild Investment LLC lifted its stake in shares of Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock worth $27,000 after buying an additional 520 shares during the last quarter. Clearstead Advisors LLC lifted its stake in shares of Corebridge Financial by 143.7% in the fourth quarter. Clearstead Advisors LLC now owns 1,667 shares of the company's stock worth $50,000 after buying an additional 983 shares during the last quarter. IFP Advisors Inc boosted its holdings in shares of Corebridge Financial by 98.8% during the 4th quarter. IFP Advisors Inc now owns 1,797 shares of the company's stock worth $54,000 after buying an additional 893 shares during the period. Finally, Key Capital Management INC bought a new stake in shares of Corebridge Financial during the 4th quarter worth $56,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of the company's stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $30.00, for a total value of $127,500.00. Following the completion of the transaction, the insider owned 128,153 shares of the company's stock, valued at $3,844,590. This represents a 3.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CRBG has been the topic of several recent analyst reports. UBS Group lifted their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a report on Wednesday, July 8th. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. JPMorgan Chase & Co. lowered their price target on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. Piper Sandler lifted their price objective on Corebridge Financial from $31.00 to $36.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Finally, Barclays boosted their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and an average target price of $36.75.

Corebridge Financial Stock Performance

NYSE CRBG opened at $32.01 on Friday. The company's fifty day moving average is $29.27 and its two-hundred day moving average is $27.95. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $36.57. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a market capitalization of $14.27 billion, a price-to-earnings ratio of 58.20, a P/E/G ratio of 0.40 and a beta of 1.10.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The company had revenue of $4.08 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same period in the prior year, the company posted $1.16 EPS. Equities research analysts forecast that Corebridge Financial, Inc. will post 4.55 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.1%. The ex-dividend date was Tuesday, June 16th. Corebridge Financial's payout ratio is currently 181.82%.

Corebridge Financial Profile

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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