Truist Financial Corp Buys 1,499,733 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Truist Financial Corp raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 2,686.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,555,564 shares of the company's stock after acquiring an additional 1,499,733 shares during the quarter. Truist Financial Corp owned approximately 0.28% of Corebridge Financial worth $49,109,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. US Bancorp DE grew its position in Corebridge Financial by 7,525.1% during the fourth quarter. US Bancorp DE now owns 21,579 shares of the company's stock valued at $646,000 after purchasing an additional 21,296 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock valued at $27,000 after purchasing an additional 480 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in Corebridge Financial by 715.6% in the fourth quarter. Jones Financial Companies Lllp now owns 18,661 shares of the company's stock worth $559,000 after buying an additional 16,373 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Corebridge Financial by 11.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,931,608 shares of the company's stock worth $57,813,000 after purchasing an additional 193,445 shares during the last quarter. Finally, Keybank National Association OH raised its holdings in Corebridge Financial by 24.7% during the fourth quarter. Keybank National Association OH now owns 13,605 shares of the company's stock valued at $407,000 after buying an additional 2,699 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Price Performance

Shares of CRBG traded down $0.69 during mid-day trading on Monday, hitting $35.09. 3,069,674 shares of the company traded hands, compared to its average volume of 3,271,719. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $19.29 billion, a price-to-earnings ratio of 7.30, a PEG ratio of 0.59 and a beta of 1.06. The business has a 50-day moving average of $32.60 and a 200 day moving average of $31.64. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.01. The business had revenue of $4.74 billion for the quarter, compared to analysts' expectations of $5.28 billion. Corebridge Financial had a return on equity of 22.19% and a net margin of 3.73%. During the same quarter last year, the business earned $1.10 earnings per share. As a group, equities analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend was Monday, June 16th. Corebridge Financial's dividend payout ratio is 81.36%.

Wall Street Analysts Forecast Growth

CRBG has been the subject of several recent analyst reports. Morgan Stanley increased their target price on Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, June 27th. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $37.00 to $39.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Wells Fargo & Company increased their price objective on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. UBS Group downgraded shares of Corebridge Financial from a "buy" rating to a "sell" rating and reduced their target price for the company from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Finally, Piper Sandler increased their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and a consensus price target of $38.64.

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.