Clearbridge Investments LLC Sells 309,348 Shares of Corebridge Financial, Inc. $CRBG

Clearbridge Investments LLC cut its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 6.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,519,354 shares of the company’s stock after selling 309,348 shares during the quarter. Clearbridge Investments LLC’s holdings in Corebridge Financial were worth $136,349,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Community Bank N.A. bought a new position in shares of Corebridge Financial during the third quarter worth about $26,000. Smartleaf Asset Management LLC grew its holdings in shares of Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after buying an additional 377 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in shares of 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 buying an additional 532 shares in the last quarter. Rothschild Investment LLC grew its holdings 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 buying an additional 520 shares in the last quarter. Finally, True Wealth Design LLC grew its holdings in shares of Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after buying an additional 412 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on CRBG shares. Piper Sandler decreased their price objective on Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a report on Tuesday, May 26th. TD Cowen decreased their price objective on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. Mizuho increased their price objective on Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Weiss Ratings downgraded Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Finally, Bank of America decreased their price target on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $35.17.

Corebridge Financial Stock Up 0.2%

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

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period in the previous year, the business earned $1.16 earnings per share. Analysts anticipate that Corebridge Financial, Inc. will post 4.89 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.00 annualized dividend and a yield of 3.7%. Corebridge Financial’s payout ratio is currently 181.82%.

Corebridge Financial Company 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.