South Dakota Investment Council Cuts Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

South Dakota Investment Council lessened its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 47.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 85,280 shares of the company's stock after selling 76,544 shares during the period. South Dakota Investment Council's holdings in Corebridge Financial were worth $2,692,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Oarsman Capital Inc. bought a new stake in Corebridge Financial during the fourth quarter valued at about $30,000. Sunbelt Securities Inc. purchased a new stake in shares of Corebridge Financial during the fourth quarter valued at about $30,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Corebridge Financial by 58.4% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock valued at $34,000 after buying an additional 423 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Corebridge Financial by 80.2% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after buying an additional 748 shares during the last quarter. Finally, Quarry LP bought a new position in shares of Corebridge Financial during the 4th quarter worth approximately $63,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on CRBG. UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and increased their price target for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Morgan Stanley raised their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. JPMorgan Chase & Co. boosted their price target on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. 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 research report on Friday, June 27th. Finally, Wells Fargo & Company lifted their price objective on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $39.91.

Corebridge Financial Stock Down 0.1%

Shares of NYSE CRBG opened at $35.27 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.96. The business's 50 day moving average is $33.44 and its two-hundred day moving average is $31.97. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.08. The firm has a market cap of $19.39 billion, a price-to-earnings ratio of 29.89, a PEG ratio of 0.57 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.01. The firm had revenue of $4.74 billion during 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 business posted $1.10 earnings per share. Research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a $0.24 dividend. The ex-dividend date was Monday, June 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.72%. Corebridge Financial's payout ratio is currently 81.36%.

Corebridge Financial 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.