Wedge Capital Management L L P NC Cuts Stock Position in Corebridge Financial, Inc. $CRBG

Wedge Capital Management L L P NC decreased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 15.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 126,102 shares of the company’s stock after selling 22,922 shares during the period. Wedge Capital Management L L P NC’s holdings in Corebridge Financial were worth $3,610,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Salomon & Ludwin LLC increased its stake in Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after purchasing an additional 532 shares during the period. Rothschild Investment LLC lifted its position in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after purchasing an additional 520 shares in the last quarter. Sonoma Allocations LLC purchased a new position in shares of Corebridge Financial in the first quarter valued at approximately $30,000. Versant Capital Management Inc boosted its stake in shares of Corebridge Financial by 1,124.2% in the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after purchasing an additional 1,484 shares during the period. Finally, Clearstead Advisors LLC grew its holdings in shares of Corebridge Financial by 143.7% in the fourth quarter. Clearstead Advisors LLC now owns 1,667 shares of the company’s stock valued at $50,000 after purchasing an additional 983 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CRBG. Wells Fargo & Company upped their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Mizuho raised their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Tuesday. Weiss Ratings raised Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Finally, Piper Sandler increased their price objective on Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $37.17.

Insider Buying and Selling

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the sale, the insider owned 111,153 shares in the company, valued at approximately $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is currently owned by company insiders.

Corebridge Financial Stock Performance

NYSE CRBG opened at $34.27 on Friday. The company has a fifty day moving average of $30.50 and a two-hundred day moving average of $28.15. The company has a market capitalization of $15.28 billion, a PE ratio of 20.04, a P/E/G ratio of 0.43 and a beta of 1.08. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Tuesday, August 4th. The company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The business had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the previous year, the firm earned $1.36 earnings per share. As a group, analysts expect that Corebridge Financial, Inc. will post 4.58 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 2.9%. Corebridge Financial’s payout ratio is 58.48%.

Corebridge Financial Profile

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.