Fortitude Family Office LLC Acquires Shares of 899 Corebridge Financial, Inc. (NYSE:CRBG)

Fortitude Family Office LLC bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 899 shares of the company’s stock, valued at approximately $27,000.

A number of other large investors have also made changes to their positions in the stock. Covestor Ltd grew its holdings in Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after buying an additional 570 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Corebridge Financial by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after purchasing an additional 585 shares during the period. Commonwealth Equity Services LLC increased its position in Corebridge Financial by 2.7% during the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after purchasing an additional 597 shares during the last quarter. Xponance Inc. raised its stake in Corebridge Financial by 3.0% during the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after purchasing an additional 612 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in Corebridge Financial by 3.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock valued at $740,000 after purchasing an additional 770 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Trading Down 4.0 %

NYSE:CRBG opened at $30.10 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial, Inc. has a 52-week low of $23.01 and a 52-week high of $34.66. The stock’s 50 day moving average price is $30.91 and its 200 day moving average price is $29.65. The company has a market capitalization of $17.12 billion, a PE ratio of -14.40, a P/E/G ratio of 0.39 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the firm earned $1.05 EPS. Corebridge Financial’s revenue for the quarter was up 39.5% on a year-over-year basis. On average, research analysts anticipate that Corebridge Financial, Inc. will post 4.81 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.06%. The ex-dividend date was Tuesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the transaction, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.08% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a research report on Monday, January 6th. Morgan Stanley increased their price target on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price objective for the company from $33.00 to $40.00 in a report on Friday. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, TD Cowen lifted their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average target price of $35.85.

Corebridge Financial Company 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.