Focus Partners Advisor Solutions LLC Takes $433,000 Position in Corebridge Financial, Inc. $CRBG

Key Points

• Focus Partners Advisor Solutions LLC has acquired a new stake in Corebridge Financial, purchasing 13,731 shares valued at approximately $433,000.
• Corebridge Financial reported earnings of $1.36 per share for the last quarter, surpassing the consensus estimate of $1.15, while its revenue fell short of projections at $4.42 billion.
• The company has announced a quarterly dividend of $0.24, representing a 2.9% annualized yield, with a negative dividend payout ratio of -157.38% suggesting it is currently paying out more in dividends than it earns.

Focus Partners Advisor Solutions LLC acquired a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 13,731 shares of the company's stock, valued at approximately $433,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its stake in shares of Corebridge Financial by 14.7% during the first quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock worth $42,399,000 after purchasing an additional 172,475 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Corebridge Financial by 227.6% during the first quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock worth $46,045,000 after acquiring an additional 1,013,259 shares during the last quarter. Atlas Capital Advisors Inc. increased its position in shares of Corebridge Financial by 1,178.9% during the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company's stock worth $801,000 after acquiring an additional 23,401 shares during the last quarter. Truist Financial Corp increased its position in shares of Corebridge Financial by 2,686.2% during the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after acquiring an additional 1,499,733 shares during the last quarter. Finally, Merit Financial Group LLC purchased a new stake in shares of Corebridge Financial during the first quarter worth about $832,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the completion of the sale, the insider owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. This represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CRBG shares. Morgan Stanley lifted their target price on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Keefe, Bruyette & Woods boosted their price objective on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. BMO Capital Markets boosted their price objective on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. JPMorgan Chase & Co. upped their target price on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Wall Street Zen raised Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $40.80.

Corebridge Financial Price Performance

CRBG traded up $0.64 during trading on Thursday, reaching $33.83. The stock had a trading volume of 1,968,121 shares, compared to its average volume of 2,774,855. The firm has a market capitalization of $18.22 billion, a price-to-earnings ratio of -55.46, a price-to-earnings-growth ratio of 0.56 and a beta of 1.06. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The stock has a 50 day moving average of $34.53 and a two-hundred day moving average of $32.53.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The firm had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the prior year, the firm posted $1.13 earnings per share. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's dividend payout ratio is -157.38%.

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.