Sound Income Strategies LLC Boosts Stake in Corebridge Financial, Inc. $CRBG

Sound Income Strategies LLC boosted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 55.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 536,046 shares of the company’s stock after purchasing an additional 190,867 shares during the period. Sound Income Strategies LLC’s holdings in Corebridge Financial were worth $12,935,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its stake in shares of Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after buying an additional 905,918 shares in the last quarter. Focus Partners Wealth acquired a new position in Corebridge Financial during the 1st quarter worth about $384,000. Creative Planning purchased a new position in Corebridge Financial during the 2nd quarter valued at about $243,000. EverSource Wealth Advisors LLC grew its position in Corebridge Financial by 58.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock valued at $162,000 after acquiring an additional 1,688 shares in the last quarter. Finally, Cerity Partners LLC increased its stake in Corebridge Financial by 64.4% during the second quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock worth $3,286,000 after purchasing an additional 36,239 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock opened at $29.74 on Friday. The business has a 50-day simple moving average of $27.65 and a 200-day simple moving average of $27.89. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $36.57. The company has a market cap of $13.26 billion, a PE ratio of 54.07, a P/E/G ratio of 0.32 and a beta of 1.10.

Corebridge Financial (NYSE:CRBG) last issued 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). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The firm had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period last year, the business earned $1.16 EPS. On average, equities research analysts forecast that Corebridge Financial, Inc. will post 4.75 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial’s payout ratio is 181.82%.

Analysts Set New Price Targets

Several analysts have recently issued reports on CRBG shares. TD Cowen reduced their price target on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Keefe, Bruyette & Woods lifted their price objective on shares of Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Mizuho upped their target price on shares of Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. UBS Group reduced their target price on shares of Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating on the stock in a report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus target price of $34.36.

Corebridge Financial 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.