Levin Capital Strategies L.P. Invests $1.39 Million in Corebridge Financial, Inc. $CRBG

Levin Capital Strategies L.P. bought a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 58,296 shares of the company’s stock, valued at approximately $1,391,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of CRBG. Bank of Nova Scotia boosted its stake in Corebridge Financial by 3.8% during the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock worth $331,000 after buying an additional 340 shares during the period. Integrated Wealth Concepts LLC raised its stake in shares of Corebridge Financial by 2.5% in the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock valued at $494,000 after acquiring an additional 383 shares during the period. True Wealth Design LLC raised its stake in shares of Corebridge Financial by 50.2% in the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after acquiring an additional 412 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Corebridge Financial by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock worth $141,000 after acquiring an additional 435 shares during the last quarter. Finally, Empowered Funds LLC lifted its holdings in shares of Corebridge Financial by 7.1% in the 4th quarter. Empowered Funds LLC now owns 7,042 shares of the company’s stock worth $212,000 after acquiring an additional 465 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insider Transactions at Corebridge Financial

In related news, insider David Ditillo sold 4,250 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $30.00, for a total value of $127,500.00. Following the transaction, the insider owned 128,153 shares of the company’s stock, valued at $3,844,590. This represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CRBG has been the topic of several analyst reports. Jefferies Financial Group upped their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Wells Fargo & Company boosted their target price on Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Mizuho upped their target price on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Weiss Ratings downgraded Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Finally, UBS Group raised their price target on Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.75.

Corebridge Financial Trading Up 0.6%

Shares of CRBG opened at $31.72 on Thursday. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.57. The company has a 50-day moving average of $28.76 and a 200 day moving average of $27.91. The firm has a market capitalization of $14.14 billion, a price-to-earnings ratio of 57.67, a PEG ratio of 0.39 and a beta of 1.10. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). The company 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 period last year, the firm earned $1.16 earnings per share. On average, research analysts expect that Corebridge Financial, Inc. will post 4.63 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were issued a $0.25 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.2%. Corebridge Financial’s payout ratio is presently 181.82%.

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.