Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Investment Management Corp of Ontario

Investment Management Corp of Ontario reduced its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 18.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,400 shares of the company’s stock after selling 1,700 shares during the period. Investment Management Corp of Ontario’s holdings in Corebridge Financial were worth $221,000 at the end of the most recent quarter.

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

Corebridge Financial Trading Up 0.6%

NYSE CRBG opened at $32.77 on Wednesday. The firm has a 50 day simple moving average of $30.04 and a 200-day simple moving average of $31.15. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $35.36. The firm has a market cap of $18.03 billion, a price-to-earnings ratio of 8.67, a PEG ratio of 0.43 and a beta of 1.01.

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

Corebridge Financial Announces Dividend

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 paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend is Monday, June 16th. Corebridge Financial’s payout ratio is 81.36%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CRBG shares. BMO Capital Markets started coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective for the company. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Piper Sandler increased their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 2nd. UBS Group lowered shares of Corebridge Financial from a “buy” rating to a “sell” rating and lowered their target price for the stock from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Finally, Morgan Stanley lowered 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.62.

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.