Legend Financial Advisors Inc. Sells 1,017 Shares of Corebridge Financial, Inc. $CRBG

Legend Financial Advisors Inc. cut its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 3.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,901 shares of the company’s stock after selling 1,017 shares during the period. Corebridge Financial comprises approximately 0.6% of Legend Financial Advisors Inc.’s portfolio, making the stock its 23rd largest position. Legend Financial Advisors Inc.’s holdings in Corebridge Financial were worth $884,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRBG. Brooklyn Investment Group raised its stake in shares of Corebridge Financial by 66.7% during the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after acquiring an additional 581 shares during the last quarter. Sunbelt Securities Inc. bought a new position in Corebridge Financial during the 4th quarter worth $30,000. Wedge Capital Management L L P NC raised its position in Corebridge Financial by 1.3% during the 2nd quarter. Wedge Capital Management L L P NC now owns 75,189 shares of the company’s stock worth $2,669,000 after purchasing an additional 1,000 shares during the last quarter. Rhumbline Advisers grew its position in shares of Corebridge Financial by 0.4% in the 1st quarter. Rhumbline Advisers now owns 307,352 shares of the company’s stock valued at $9,703,000 after buying an additional 1,215 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in shares of Corebridge Financial by 3.4% in the first quarter. Janney Montgomery Scott LLC now owns 39,628 shares of the company’s stock valued at $1,251,000 after buying an additional 1,287 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the transaction, the insider owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

CRBG has been the subject of a number of analyst reports. Wall Street Zen upgraded Corebridge Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Piper Sandler raised their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a report on Thursday, July 3rd. Morgan Stanley boosted their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, June 27th. Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 2nd. Finally, BMO Capital Markets lifted their target price on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, June 27th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.80.

Corebridge Financial Price Performance

Shares of CRBG opened at $32.61 on Friday. The firm has a market cap of $17.56 billion, a PE ratio of -53.46, a price-to-earnings-growth ratio of 0.56 and a beta of 1.06. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57. The business’s 50 day moving average price is $34.08 and its two-hundred day moving average price is $32.52. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.15 by $0.21. The company had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same quarter last year, the firm posted $1.13 EPS. On average, equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial’s payout ratio is -157.38%.

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.