Golden State Wealth Management LLC Buys New Position in Corebridge Financial, Inc. (NYSE:CRBG)

Golden State Wealth Management LLC bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,370 shares of the company’s stock, valued at approximately $75,000.

Other institutional investors have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its holdings in Corebridge Financial by 112.4% in 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 Corebridge Financial in the fourth quarter valued at approximately $30,000. Sunbelt Securities Inc. bought a new stake in Corebridge Financial in the fourth quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in Corebridge Financial by 58.4% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company’s stock valued at $34,000 after acquiring an additional 423 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Corebridge Financial by 25.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company’s stock valued at $49,000 after acquiring an additional 329 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Price Performance

Shares of CRBG opened at $35.46 on Tuesday. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.08. The business’s fifty day moving average is $32.08 and its 200 day moving average is $31.48. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.96. The stock has a market cap of $19.49 billion, a P/E ratio of 30.05, a P/E/G ratio of 0.58 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. Corebridge Financial had a return on equity of 22.19% and a net margin of 3.73%. The company had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period last year, the business earned $1.10 EPS. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date was Monday, June 16th. Corebridge Financial’s dividend payout ratio is currently 81.36%.

Analyst Ratings Changes

Several analysts recently commented on CRBG shares. Wall Street Zen upgraded Corebridge Financial from a “sell” rating to a “hold” rating in a report on Friday, June 6th. Keefe, Bruyette & Woods increased their price target on Corebridge Financial from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Wednesday, May 7th. BMO Capital Markets increased their price target on Corebridge Financial from $43.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday. Barclays increased their price target on Corebridge Financial from $38.00 to $45.00 and gave the stock an “overweight” rating in a report on Thursday, June 26th. Finally, Morgan Stanley increased their price target on Corebridge Financial from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $37.67.

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.