Fortitude Family Office LLC Acquires New Shares in Corebridge Financial, Inc. (NYSE:CRBG)

Fortitude Family Office LLC bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the fourth quarter, HoldingsChannel.com reports. The firm bought 899 shares of the company’s stock, valued at approximately $27,000.

Several other large investors also recently bought and sold shares of the company. Covestor Ltd raised its stake in shares of Corebridge Financial by 118.8% during the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after buying an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Corebridge Financial by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after acquiring an additional 585 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Corebridge Financial by 2.7% in the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock valued at $650,000 after purchasing an additional 597 shares in the last quarter. Xponance Inc. increased its stake in shares of Corebridge Financial by 3.0% during the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after purchasing an additional 612 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its position in shares of Corebridge Financial by 3.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock worth $740,000 after purchasing an additional 770 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $30.10 on Friday. Corebridge Financial, Inc. has a 12-month low of $23.01 and a 12-month high of $34.66. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The company has a market capitalization of $17.12 billion, a price-to-earnings ratio of -14.40, a price-to-earnings-growth ratio of 0.39 and a beta of 0.92. The firm’s fifty day moving average price is $30.91 and its 200 day moving average price is $29.65.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the company earned $1.05 earnings per share. The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. On average, research analysts forecast that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial’s payout ratio is currently -44.02%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares in the company, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

CRBG has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their target price for the company from $33.00 to $40.00 in a research note on Friday. Piper Sandler boosted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a report on Monday, January 6th. Finally, TD Cowen raised their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and a consensus price target of $35.85.

Corebridge Financial Company 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.