Sound Income Strategies LLC Increases Stock Position in Corebridge Financial, Inc. $CRBG

Key Points

• Sound Income Strategies LLC increased its stake in Corebridge Financial, Inc. by 4.5%, bringing its total ownership to 355,357 shares valued at approximately $12.6 million.
• Corebridge Financial has announced a quarterly dividend of $0.24, with a dividend yield of 2.9%, to be paid on September 30th.
• The company's recent earnings report revealed earnings per share of $1.36, exceeding analyst expectations, although revenue of $4.42 billion fell short of estimates.

Sound Income Strategies LLC increased its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 4.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 355,357 shares of the company's stock after purchasing an additional 15,236 shares during the quarter. Sound Income Strategies LLC owned 0.06% of Corebridge Financial worth $12,615,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Brooklyn Investment Group boosted its stake in shares of Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after purchasing an additional 581 shares during the period. Wedge Capital Management L L P NC boosted its stake in shares of Corebridge Financial by 1.3% in the second quarter. Wedge Capital Management L L P NC now owns 75,189 shares of the company's stock valued at $2,669,000 after purchasing an additional 1,000 shares during the period. Rhumbline Advisers boosted its stake in shares of Corebridge Financial by 0.4% in the first quarter. Rhumbline Advisers now owns 307,352 shares of the company's stock valued at $9,703,000 after purchasing an additional 1,215 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Corebridge Financial by 3.4% in the first quarter. Janney Montgomery Scott LLC now owns 39,628 shares of the company's stock valued at $1,251,000 after purchasing an additional 1,287 shares during the period. Finally, State of Wyoming boosted its stake in shares of Corebridge Financial by 9.7% in the first quarter. State of Wyoming now owns 18,729 shares of the company's stock valued at $591,000 after purchasing an additional 1,662 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Trading Up 1.6%

Corebridge Financial stock opened at $33.13 on Monday. The firm's 50-day moving average is $34.04 and its 200-day moving average is $32.55. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The company has a market cap of $17.84 billion, a P/E ratio of -54.31, a PEG ratio of 0.57 and a beta of 1.06.

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

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is presently -157.38%.

Insider Activity

In other news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the transaction, the insider directly owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. BMO Capital Markets increased their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and increased their price objective for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Finally, Wall Street Zen upgraded shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $40.80.

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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