Wedge Capital Management L L P NC Lowers Stake in Corebridge Financial, Inc. $CRBG

Wedge Capital Management L L P NC cut its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 15.4% during the second quarter, HoldingsChannel reports. The firm owned 126,102 shares of the company’s stock after selling 22,922 shares during the period. Wedge Capital Management L L P NC’s holdings in Corebridge Financial were worth $3,610,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CRBG. Salomon & Ludwin LLC boosted its stake in shares of Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after buying an additional 532 shares during the period. Rothschild Investment LLC grew its holdings in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after buying an additional 520 shares during the last quarter. Sonoma Allocations LLC acquired a new position in Corebridge Financial in the 1st quarter valued at about $30,000. Versant Capital Management Inc increased its position in Corebridge Financial by 1,124.2% in the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after acquiring an additional 1,484 shares during the period. Finally, Clearstead Advisors LLC raised its stake in Corebridge Financial by 143.7% during the 4th quarter. Clearstead Advisors LLC now owns 1,667 shares of the company’s stock valued at $50,000 after acquiring an additional 983 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider David Ditillo sold 12,414 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider owned 111,153 shares of the company’s stock, valued at approximately $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.32% of the company’s stock.

Corebridge Financial Trading Up 1.5%

Shares of CRBG stock opened at $34.27 on Friday. The business’s fifty day moving average price is $30.50 and its 200 day moving average price is $28.15. The firm has a market capitalization of $15.28 billion, a PE ratio of 20.04, a P/E/G ratio of 0.43 and a beta of 1.08. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $35.22.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Tuesday, August 4th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The company had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the firm earned $1.36 EPS. As a group, sell-side analysts forecast that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. Corebridge Financial’s dividend payout ratio (DPR) is 58.48%.

Analyst Ratings Changes

A number of analysts have weighed in on CRBG shares. TD Cowen increased their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Jefferies Financial Group boosted their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Barclays upped their price target on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. lowered their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 12th. Finally, Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $37.17.

About Corebridge Financial

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.