Wealth Enhancement Advisory Services LLC Increases Stake in Corebridge Financial, Inc. $CRBG

Wealth Enhancement Advisory Services LLC raised its position in Corebridge Financial, Inc. (NYSE:CRBG) by 64.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 80,176 shares of the company’s stock after acquiring an additional 31,391 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Corebridge Financial were worth $2,488,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of Nova Scotia raised its holdings 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 purchasing an additional 340 shares in the last quarter. Severin Investments LLC boosted its holdings in Corebridge Financial by 1.4% in the 3rd quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock valued at $794,000 after purchasing an additional 350 shares in the last quarter. Smartleaf Asset Management LLC increased its position in Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares during the period. Integrated Wealth Concepts LLC increased its position in Corebridge Financial by 2.5% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock worth $494,000 after purchasing an additional 383 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in shares of Corebridge Financial by 32.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,723 shares of the company’s stock worth $55,000 after buying an additional 420 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Weiss Ratings downgraded Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. Wells Fargo & Company cut their price objective on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, February 25th. TD Cowen reduced their target price on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. JPMorgan Chase & Co. decreased their target price on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research report on Monday, January 5th. Finally, Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $36.27.

Corebridge Financial Trading Up 1.2%

Corebridge Financial stock opened at $24.15 on Thursday. The stock has a 50-day moving average price of $27.33 and a 200 day moving average price of $29.67. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The stock has a market cap of $11.63 billion, a PE ratio of -45.56, a P/E/G ratio of 0.38 and a beta of 1.12. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The company had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same period in the prior year, the firm earned $1.06 EPS. Equities research analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 4.1%. Corebridge Financial’s payout ratio is currently -188.68%.

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.