Clearbridge Investments LLC Has $136.35 Million Stock Holdings in Corebridge Financial, Inc. $CRBG

Clearbridge Investments LLC lessened its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 6.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,519,354 shares of the company’s stock after selling 309,348 shares during the quarter. Clearbridge Investments LLC owned about 0.87% of Corebridge Financial worth $136,349,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CRBG. Goldman Sachs Group Inc. lifted its stake in shares of Corebridge Financial by 229.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after acquiring an additional 905,918 shares during the period. Focus Partners Wealth acquired a new position in shares of Corebridge Financial during the first quarter valued at $384,000. Creative Planning acquired a new position in shares of Corebridge Financial during the second quarter valued at $243,000. EverSource Wealth Advisors LLC lifted its stake in Corebridge Financial by 58.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock valued at $162,000 after buying an additional 1,688 shares during the period. Finally, Cerity Partners LLC lifted its stake in Corebridge Financial by 64.4% in the second quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock valued at $3,286,000 after buying an additional 36,239 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRBG. Mizuho increased their target price on Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Weiss Ratings lowered Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Barclays cut their target price on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 8th. Bank of America cut their target price on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. Finally, Piper Sandler cut their target price on Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and an average price target of $35.17.

Corebridge Financial Stock Up 0.2%

Shares of Corebridge Financial stock opened at $26.90 on Monday. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.57. The business has a 50-day moving average of $26.21 and a two-hundred day moving average of $28.03. The company has a market capitalization of $12.29 billion, a P/E ratio of 48.92, a price-to-earnings-growth ratio of 0.29 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter last year, the company earned $1.16 earnings per share. As a group, equities analysts predict that Corebridge Financial, Inc. will post 4.89 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is 181.82%.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.