QRG Capital Management Inc. Cuts Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

QRG Capital Management Inc. cut its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 32.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 187,461 shares of the company's stock after selling 90,984 shares during the quarter. QRG Capital Management Inc.'s holdings in Corebridge Financial were worth $5,918,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its position in Corebridge Financial by 112.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock worth $27,000 after buying an additional 480 shares during the last quarter. Oarsman Capital Inc. purchased a new position in shares of Corebridge Financial during the 4th quarter valued at approximately $30,000. Sunbelt Securities Inc. purchased a new position in shares of Corebridge Financial during the 4th quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Corebridge Financial by 58.4% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock valued at $34,000 after purchasing an additional 423 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Corebridge Financial by 25.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company's stock valued at $49,000 after purchasing an additional 329 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Barclays lifted their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $37.00 to $39.00 and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Finally, UBS Group lowered shares of 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $37.00.

Corebridge Financial Trading Up 0.2%

Shares of CRBG stock traded up $0.06 on Friday, hitting $32.64. 7,669,076 shares of the stock traded hands, compared to its average volume of 3,252,537. The firm's 50-day moving average price is $31.27 and its two-hundred day moving average price is $31.34. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.14 and a current ratio of 0.14. The stock has a market capitalization of $17.94 billion, a PE ratio of 27.66, a PEG ratio of 0.53 and a beta of 1.04. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $35.36.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly 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 analysts' expectations of $5.28 billion. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. During the same quarter in the previous year, the company posted $1.10 EPS. As a group, analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.94%. Corebridge Financial's dividend payout ratio (DPR) 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.