Williamson Legacy Group LLC Reduces Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Williamson Legacy Group LLC trimmed its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 3.0% during the fourth quarter, Holdings Channel reports. The fund owned 35,944 shares of the company’s stock after selling 1,096 shares during the period. Williamson Legacy Group LLC’s holdings in Corebridge Financial were worth $1,076,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. US Bancorp DE boosted its stake in Corebridge Financial by 7,525.1% in the fourth quarter. US Bancorp DE now owns 21,579 shares of the company’s stock valued at $646,000 after acquiring an additional 21,296 shares during the last quarter. QRG Capital Management Inc. boosted its stake in Corebridge Financial by 6.9% in the fourth quarter. QRG Capital Management Inc. now owns 278,445 shares of the company’s stock valued at $8,334,000 after acquiring an additional 18,019 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in shares of Corebridge Financial by 41.9% during the 4th quarter. Oppenheimer & Co. Inc. now owns 20,577 shares of the company’s stock valued at $616,000 after buying an additional 6,077 shares in the last quarter. New York Life Investment Management LLC purchased a new stake in shares of Corebridge Financial during the 4th quarter valued at approximately $781,000. Finally, Los Angeles Capital Management LLC lifted its stake in shares of Corebridge Financial by 186.5% during the 4th quarter. Los Angeles Capital Management LLC now owns 108,375 shares of the company’s stock valued at $3,244,000 after buying an additional 70,553 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on CRBG shares. Morgan Stanley upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $35.00 to $43.00 in a research note on Friday. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and upped their price target for the company from $33.00 to $40.00 in a research note on Friday, January 10th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Piper Sandler upped their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Finally, BMO Capital Markets started coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 target price on the stock. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and an average price target of $37.29.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $34.71 on Friday. Corebridge Financial, Inc. has a 52-week low of $23.77 and a 52-week high of $34.84. The stock has a market capitalization of $19.30 billion, a price-to-earnings ratio of 9.18, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94. The company has a fifty day moving average of $32.06 and a 200-day moving average of $30.64. 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 (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. Equities research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 2.77%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio is presently 25.40%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.08% of the stock is currently owned by corporate insiders.

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.