GAMMA Investing LLC Increases Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

GAMMA Investing LLC increased its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 4,834.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,331 shares of the company's stock after acquiring an additional 19,919 shares during the period. GAMMA Investing LLC's holdings in Corebridge Financial were worth $644,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. New York Life Investment Management LLC acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at $781,000. Raymond James Financial Inc. acquired a new stake in Corebridge Financial in the fourth quarter valued at $31,844,000. Principal Securities Inc. raised its stake in 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 buying an additional 8,516 shares in the last quarter. US Bancorp DE raised its stake in Corebridge Financial by 7,525.1% in the fourth 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 in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Corebridge Financial by 88.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,872 shares of the company's stock valued at $2,899,000 after buying an additional 45,363 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on CRBG shares. UBS Group cut Corebridge Financial from a "buy" rating to a "sell" rating and cut their price target for the company from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Wells Fargo & Company raised their price target on Corebridge Financial from $35.00 to $37.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Barclays raised their price target on Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Finally, Morgan Stanley raised their price target on Corebridge Financial from $32.00 to $37.00 and gave the company an "overweight" rating in a research note on Monday, May 19th. 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $37.00.

Corebridge Financial Stock Performance

Shares of NYSE CRBG traded up $0.06 during midday trading on Friday, reaching $32.64. 7,669,076 shares of the company were exchanged, compared to its average volume of 3,252,537. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.96. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $35.36. The stock has a fifty day simple moving average of $31.27 and a 200 day simple moving average of $31.33. The stock has a market cap of $17.94 billion, a P/E ratio of 27.66, a PEG ratio of 0.53 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.01. Corebridge Financial had a return on equity of 22.19% and a net margin of 3.73%. The firm had revenue of $4.74 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter last year, the company posted $1.10 earnings per share. On average, research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date is Monday, June 16th. 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.