Seven Grand Managers LLC Cuts Position in Corebridge Financial, Inc. (NYSE:CRBG)

Seven Grand Managers LLC trimmed its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 50.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 150,000 shares of the company’s stock after selling 150,000 shares during the quarter. Corebridge Financial accounts for about 2.1% of Seven Grand Managers LLC’s holdings, making the stock its 19th largest position. Seven Grand Managers LLC’s holdings in Corebridge Financial were worth $4,490,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CRBG. FNY Investment Advisers LLC bought a new position in shares of Corebridge Financial during the 4th quarter valued at approximately $27,000. Smartleaf Asset Management LLC lifted its stake in Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after purchasing an additional 480 shares during the last quarter. Oarsman Capital Inc. bought a new position in Corebridge Financial during the fourth quarter valued at $30,000. Blue Trust Inc. increased its position in Corebridge Financial by 183.2% in the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock worth $33,000 after buying an additional 729 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its position in Corebridge Financial by 58.4% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company’s stock worth $34,000 after buying an additional 423 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Piper Sandler increased their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods upped their price objective on shares of Corebridge Financial from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Wednesday, May 7th. Morgan Stanley reduced their target price on shares of Corebridge Financial from $43.00 to $32.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Barclays upped their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. Finally, BMO Capital Markets started coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.62.

Corebridge Financial Stock Down 0.4%

Shares of NYSE:CRBG opened at $32.30 on Friday. The firm has a fifty day moving average price of $30.08 and a two-hundred day moving average price of $31.16. The company has a market cap of $17.77 billion, a price-to-earnings ratio of 8.54, a PEG ratio of 0.43 and a beta of 1.01. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $35.36.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.01. The company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $5.28 billion. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. During the same quarter last year, the company earned $1.10 earnings per share. Analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.97%. The ex-dividend date is Monday, June 16th. Corebridge Financial’s payout ratio is 81.36%.

About Corebridge Financial

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.