Sound Income Strategies LLC Has $10 Million Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Sound Income Strategies LLC raised its position in Corebridge Financial, Inc. (NYSE:CRBG) by 6.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 334,106 shares of the company’s stock after purchasing an additional 20,808 shares during the quarter. Sound Income Strategies LLC’s holdings in Corebridge Financial were worth $10,000,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CRBG. American Century Companies Inc. bought a new stake in shares of Corebridge Financial in the 2nd quarter valued at approximately $2,155,000. Amalgamated Bank lifted its stake in Corebridge Financial by 24.9% in the second quarter. Amalgamated Bank now owns 39,998 shares of the company’s stock valued at $1,165,000 after acquiring an additional 7,969 shares during the last quarter. XTX Topco Ltd acquired a new stake in Corebridge Financial in the second quarter valued at approximately $241,000. Sei Investments Co. grew its position in Corebridge Financial by 5.9% in the second quarter. Sei Investments Co. now owns 444,325 shares of the company’s stock worth $12,939,000 after acquiring an additional 24,784 shares in the last quarter. Finally, Xponance Inc. increased its stake in shares of Corebridge Financial by 3.0% during the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after purchasing an additional 612 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction 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 sale, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

CRBG has been the subject of several analyst reports. TD Cowen lifted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Piper Sandler boosted their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Wells Fargo & Company decreased 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. Finally, BMO Capital Markets assumed coverage on shares of Corebridge Financial in a research report on Thursday. They set an “outperform” rating and a $43.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.43.

Corebridge Financial Trading Up 1.4 %

Shares of CRBG stock opened at $32.71 on Friday. Corebridge Financial, Inc. has a 12 month low of $23.01 and a 12 month high of $34.66. The stock has a 50 day moving average of $30.97 and a two-hundred day moving average of $29.79. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83.

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

Corebridge Financial Announces Dividend

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