Chesley Taft & Associates LLC Takes $436,000 Position in Corebridge Financial, Inc. (NYSE:CRBG)

Chesley Taft & Associates LLC bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 13,820 shares of the company’s stock, valued at approximately $436,000.

Other hedge funds have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC raised its stake in shares of Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after acquiring an additional 480 shares during the last quarter. Oarsman Capital Inc. bought a new stake in shares of Corebridge Financial in the fourth quarter worth $30,000. Sunbelt Securities Inc. acquired a new stake in Corebridge Financial in the fourth quarter valued at $30,000. Blue Trust Inc. increased its holdings in Corebridge Financial by 183.2% in the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock valued at $33,000 after purchasing an additional 729 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. raised its position in Corebridge Financial by 58.4% during the 4th 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 Stock Up 0.6%

Corebridge Financial stock opened at $32.73 on Friday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $17.99 billion, a PE ratio of 8.66, a PEG ratio of 0.43 and a beta of 1.04. The firm’s fifty day moving average is $30.18 and its 200 day moving average is $31.28. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $35.36.

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

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $0.24 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.93%. Corebridge Financial’s payout ratio is currently 81.36%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wall Street Zen lowered Corebridge Financial from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Keefe, Bruyette & Woods lifted their price objective on Corebridge Financial from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 7th. Piper Sandler upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, April 2nd. UBS Group lowered shares of Corebridge Financial from a “buy” rating to a “sell” rating and lowered their price target for the stock from $40.00 to $28.00 in a report on Wednesday, April 2nd. Finally, Wells Fargo & Company boosted their price target 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. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Corebridge Financial 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.