Corebridge Financial, Inc. $CRBG Shares Bought by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. grew its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 7.7% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,862 shares of the company’s stock after purchasing an additional 1,782 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Corebridge Financial were worth $883,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in CRBG. IFP Advisors Inc lifted its stake in Corebridge Financial by 1,223.6% during the second quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after purchasing an additional 673 shares in the last quarter. Brooklyn Investment Group lifted its stake in Corebridge Financial by 66.7% during the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock worth $46,000 after purchasing an additional 581 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in Corebridge Financial during the first quarter worth $75,000. SVB Wealth LLC acquired a new position in Corebridge Financial during the first quarter worth $85,000. Finally, Farther Finance Advisors LLC lifted its stake in Corebridge Financial by 463.4% during the second quarter. Farther Finance Advisors LLC now owns 2,524 shares of the company’s stock worth $90,000 after purchasing an additional 2,076 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CRBG. Wolfe Research began coverage on Corebridge Financial in a research note on Friday, October 10th. They issued a “peer perform” rating on the stock. Evercore ISI reduced their price objective on Corebridge Financial from $39.00 to $38.00 and set an “outperform” rating on the stock in a research note on Thursday, October 9th. Wells Fargo & Company increased their price objective on Corebridge Financial from $42.00 to $44.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods reduced their price objective on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research note on Thursday, October 9th. Finally, Piper Sandler increased their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, July 3rd. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $39.91.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the transaction, the insider owned 83,896,013 shares of the company’s stock, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

Corebridge Financial Stock Up 1.1%

Corebridge Financial stock opened at $30.96 on Monday. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market cap of $16.67 billion, a PE ratio of -50.76, a P/E/G ratio of 0.48 and a beta of 1.02. The stock’s fifty day moving average is $33.20 and its two-hundred day moving average is $32.55.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The company had revenue of $4.42 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same period last year, the firm earned $1.13 earnings per share. On average, sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a $0.24 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. Corebridge Financial’s dividend payout ratio (DPR) is currently -157.38%.

Corebridge Financial 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.