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

Sound Income Strategies LLC raised its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 55.3% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 536,046 shares of the company’s stock after buying an additional 190,867 shares during the period. Sound Income Strategies LLC owned about 0.11% of Corebridge Financial worth $12,935,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CRBG. Community Bank N.A. purchased a new stake in shares of Corebridge Financial in the third quarter worth about $26,000. Salomon & Ludwin LLC raised its position in Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after acquiring an additional 532 shares in the last quarter. Rothschild Investment LLC lifted its holdings in Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after acquiring an additional 520 shares during the period. True Wealth Design LLC lifted its holdings in 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. Finally, Clearstead Advisors LLC boosted its position in Corebridge Financial by 143.7% in the 4th quarter. Clearstead Advisors LLC now owns 1,667 shares of the company’s stock worth $50,000 after purchasing an additional 983 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Up 3.5%

Shares of NYSE:CRBG opened at $29.74 on Friday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The business has a fifty day moving average of $27.65 and a two-hundred day moving average of $27.89. The stock has a market cap of $13.26 billion, a P/E ratio of 54.07, a PEG ratio of 0.32 and a beta of 1.10. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The company had revenue of $4.08 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter in the prior year, the firm earned $1.16 EPS. On average, research analysts expect that Corebridge Financial, Inc. will post 4.75 earnings per share for the current year.

Corebridge Financial Announces Dividend

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

Analyst Ratings Changes

CRBG has been the topic of a number of analyst reports. Mizuho raised their price objective 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. Piper Sandler decreased their price objective on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a research report on Tuesday, May 26th. Weiss Ratings lowered shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, JPMorgan Chase & Co. cut their price target on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corebridge Financial has a consensus 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.