Wealth Enhancement Advisory Services LLC Trims Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Wealth Enhancement Advisory Services LLC decreased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 76.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,985 shares of the company's stock after selling 62,189 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Corebridge Financial were worth $568,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its stake in Corebridge Financial by 25.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company's stock worth $49,000 after purchasing an additional 329 shares during the period. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Corebridge Financial by 58.4% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock worth $34,000 after buying an additional 423 shares during the period. Smartleaf Asset Management LLC boosted 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 valued at $27,000 after buying an additional 480 shares during the period. Sanctuary Advisors LLC grew its holdings in Corebridge Financial by 3.1% in the 4th quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company's stock worth $664,000 after acquiring an additional 660 shares during the last quarter. Finally, MetLife Investment Management LLC increased its position in shares of Corebridge Financial by 16.0% in the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock valued at $155,000 after acquiring an additional 715 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CRBG. UBS Group cut Corebridge Financial from a "buy" rating to a "sell" rating and cut their target price for the stock from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Wall Street Zen upgraded shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $37.00 to $39.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. Finally, Barclays lifted their price objective on Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.00.

Corebridge Financial Stock Performance

NYSE CRBG traded up $0.41 on Thursday, reaching $33.04. 2,081,298 shares of the stock were exchanged, compared to its average volume of 3,261,336. The company's 50-day simple moving average is $30.48 and its two-hundred day simple moving average is $31.34. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $18.16 billion, a PE ratio of 8.74, a PEG ratio of 0.43 and a beta of 1.04. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $35.36.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.01. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. The firm had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $5.28 billion. During the same quarter last year, the business posted $1.10 earnings per share. Analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.91%. Corebridge Financial's payout ratio is 81.36%.

Corebridge Financial Company 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.