Sound Income Strategies LLC Purchases 20,808 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Sound Income Strategies LLC boosted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 6.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 334,106 shares of the company’s stock after buying an additional 20,808 shares during the period. Sound Income Strategies LLC owned 0.06% of Corebridge Financial worth $10,000,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. acquired a new stake in shares of Corebridge Financial during the second quarter worth $2,155,000. Amalgamated Bank raised its stake in shares of Corebridge Financial by 24.9% during the 2nd quarter. Amalgamated Bank now owns 39,998 shares of the company’s stock worth $1,165,000 after buying an additional 7,969 shares during the period. XTX Topco Ltd purchased a new position in Corebridge Financial during the second quarter valued at $241,000. Sei Investments Co. boosted its holdings in Corebridge Financial by 5.9% in the 2nd quarter. Sei Investments Co. now owns 444,325 shares of the company’s stock worth $12,939,000 after buying an additional 24,784 shares during the last quarter. Finally, Xponance Inc. increased its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insider Activity

In other news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

CRBG has been the subject of several recent research reports. TD Cowen increased their price target on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Morgan Stanley upped their price target on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Wells Fargo & Company dropped their price objective on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price objective for the company from $33.00 to $40.00 in a research note on Friday, January 10th. Finally, Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.43.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $32.71 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a 1 year low of $23.01 and a 1 year high of $34.66. The firm’s 50-day moving average is $30.97 and its 200-day moving average is $29.79.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.05 EPS. As a group, research analysts forecast that Corebridge Financial, Inc. will post 4.8 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

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.