First Horizon Advisors Inc. Reduces Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

First Horizon Advisors Inc. cut its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 32.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,400 shares of the company’s stock after selling 5,376 shares during the quarter. First Horizon Advisors Inc.’s holdings in Corebridge Financial were worth $247,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Corebridge Financial by 10.1% in the third quarter. Vanguard Group Inc. now owns 17,064,429 shares of the company’s stock worth $337,022,000 after buying an additional 1,566,275 shares in the last quarter. TD Asset Management Inc raised its position in shares of Corebridge Financial by 15.0% in the 3rd quarter. TD Asset Management Inc now owns 5,252,950 shares of the company’s stock worth $103,746,000 after acquiring an additional 686,727 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Corebridge Financial by 0.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,676,716 shares of the company’s stock valued at $92,365,000 after purchasing an additional 19,746 shares during the period. Victory Capital Management Inc. boosted its position in shares of Corebridge Financial by 66.4% during the fourth quarter. Victory Capital Management Inc. now owns 1,464,923 shares of the company’s stock valued at $31,730,000 after purchasing an additional 584,809 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Corebridge Financial by 960.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,417,518 shares of the company’s stock valued at $27,996,000 after purchasing an additional 1,283,901 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. UBS Group raised their price objective on Corebridge Financial from $22.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, January 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 price target on shares of Corebridge Financial in a research note on Friday, April 12th. Keefe, Bruyette & Woods raised their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Evercore ISI upped their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, April 11th. Finally, The Goldman Sachs Group increased their price target on shares of Corebridge Financial from $27.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus price target of $29.08.

Corebridge Financial Stock Up 2.0 %

Shares of NYSE:CRBG opened at $28.68 on Monday. The company has a market cap of $17.85 billion, a price-to-earnings ratio of 7.55, a PEG ratio of 0.33 and a beta of 0.96. Corebridge Financial, Inc. has a 12 month low of $14.91 and a 12 month high of $29.53. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92. The company has a 50-day moving average price of $26.61 and a 200 day moving average price of $23.71.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.05. The company had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.50 billion. Corebridge Financial had a return on equity of 23.11% and a net margin of 5.92%. During the same quarter in the prior year, the firm posted $0.97 EPS. As a group, equities research analysts predict that Corebridge Financial, Inc. will post 4.82 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.23 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.92 annualized dividend and a dividend yield of 3.21%. Corebridge Financial’s payout ratio is 24.21%.

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.