Truist Financial Corp Purchases 209,671 Shares of Corebridge Financial, Inc. $CRBG

Truist Financial Corp boosted its position in Corebridge Financial, Inc. (NYSE:CRBG) by 12.1% during the third quarter, Holdings Channel.com reports. The fund owned 1,940,613 shares of the company’s stock after acquiring an additional 209,671 shares during the period. Truist Financial Corp’s holdings in Corebridge Financial were worth $62,197,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its holdings 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 worth $41,042,000 after purchasing an additional 905,918 shares during the period. Focus Partners Wealth bought a new position in Corebridge Financial during the 1st quarter valued at approximately $384,000. Farther Finance Advisors LLC raised its position in Corebridge Financial by 463.4% during the 2nd quarter. Farther Finance Advisors LLC now owns 2,524 shares of the company’s stock valued at $90,000 after purchasing an additional 2,076 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in Corebridge Financial by 80.5% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 644,508 shares of the company’s stock worth $22,880,000 after buying an additional 287,444 shares during the period. Finally, New Century Financial Group LLC bought a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $1,445,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

CRBG has been the subject of a number of recent analyst reports. Wolfe Research initiated coverage on Corebridge Financial in a report on Friday, October 10th. They set a “peer perform” rating for the company. Weiss Ratings lowered shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. Barclays dropped their target price on shares of Corebridge Financial from $39.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, January 8th. Morgan Stanley reiterated an “equal weight” rating and set a $33.00 price target (down previously from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Finally, Evercore ISI decreased their price target on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and an average price target of $37.70.

Corebridge Financial Stock Up 0.6%

NYSE:CRBG opened at $30.40 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. The firm’s 50-day moving average price is $30.32 and its 200-day moving average price is $32.01. The company has a market capitalization of $15.82 billion, a PE ratio of 18.10, a P/E/G ratio of 0.42 and a beta of 1.04. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The business had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the firm earned $1.23 EPS. The company’s revenue was up 34.2% on a year-over-year basis. On average, equities analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is 57.14%.

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.