Golden State Wealth Management LLC Purchases 2,118 Shares of Corebridge Financial, Inc. $CRBG

Golden State Wealth Management LLC increased its position in Corebridge Financial, Inc. (NYSE:CRBG) by 2,750.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,195 shares of the company’s stock after purchasing an additional 2,118 shares during the quarter. Golden State Wealth Management LLC’s holdings in Corebridge Financial were worth $78,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas bought a new stake in shares of Corebridge Financial during the first quarter worth approximately $1,177,000. Bank of New York Mellon Corp lifted its stake in shares of Corebridge Financial by 14.7% in the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company’s stock valued at $42,399,000 after purchasing an additional 172,475 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Corebridge Financial by 227.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company’s stock valued at $46,045,000 after purchasing an additional 1,013,259 shares during the period. Alps Advisors Inc. bought a new position in shares of Corebridge Financial in the 1st quarter worth $348,000. Finally, Cerity Partners LLC grew its stake in shares of Corebridge Financial by 149.2% during the first quarter. Cerity Partners LLC now owns 56,315 shares of the company’s stock worth $1,778,000 after purchasing an additional 33,719 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Trading Down 0.0%

CRBG opened at $29.90 on Friday. The firm’s fifty day simple moving average is $32.34 and its 200 day simple moving average is $33.01. The stock has a market capitalization of $15.56 billion, a P/E ratio of 17.80, a P/E/G ratio of 0.43 and a beta of 1.02. The company has a current ratio of 0.13, a quick ratio of 0.12 and a debt-to-equity ratio of 0.77. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 3rd. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The business’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.23 EPS. As a group, research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be paid a $0.24 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $0.96 annualized dividend and a yield of 3.2%. Corebridge Financial’s payout ratio is presently 57.14%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the completion of the transaction, the insider owned 82,711,853 shares of the company’s stock, valued at $2,783,253,853.45. This represents a 1.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CRBG shares. Morgan Stanley cut their target price on Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “buy (b-)” rating in a research report on Friday. Barclays decreased their price objective on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. Keefe, Bruyette & Woods cut their target price on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a report on Thursday, October 9th. Finally, Wall Street Zen raised shares of Corebridge Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Ten investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $39.73.

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.