74,000 Shares in Corebridge Financial, Inc. $CRBG Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 74,000 shares of the company’s stock, valued at approximately $1,766,000.

Several other large investors also recently bought and sold shares of the stock. Community Bank N.A. purchased a new stake in shares of Corebridge Financial in the 3rd quarter valued at about $26,000. Salomon & Ludwin LLC grew its stake in Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after buying an additional 532 shares during the last quarter. Rothschild Investment LLC increased its position in Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after buying an additional 520 shares during the period. True Wealth Design LLC increased its position in Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after buying an additional 412 shares during the period. Finally, Clearstead Advisors LLC raised its holdings in shares of Corebridge Financial by 143.7% in the fourth quarter. Clearstead Advisors LLC now owns 1,667 shares of the company’s stock valued at $50,000 after buying an additional 983 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Down 0.8%

Shares of NYSE:CRBG opened at $28.61 on Wednesday. The company has a 50 day moving average of $27.54 and a two-hundred day moving average of $27.93. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $12.75 billion, a price-to-earnings ratio of 52.01, a price-to-earnings-growth ratio of 0.32 and a beta of 1.14.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.02). The firm had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same quarter last year, the company posted $1.16 earnings per share. As a group, analysts forecast that Corebridge Financial, Inc. will post 4.75 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial’s payout ratio is presently 181.82%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Weiss Ratings downgraded shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Finally, Piper Sandler dropped their price objective on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a research note on Tuesday, May 26th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus target price of $34.36.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.