Quest Partners LLC Has $411,000 Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Quest Partners LLC cut its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 18.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,106 shares of the company’s stock after selling 3,199 shares during the quarter. Quest Partners LLC’s holdings in Corebridge Financial were worth $411,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Riverview Trust Co acquired a new stake in shares of Corebridge Financial during the 1st quarter worth approximately $25,000. LRI Investments LLC bought a new position in Corebridge Financial during the second quarter worth $30,000. ORG Partners LLC acquired a new stake in Corebridge Financial in the second quarter worth $32,000. Fifth Third Bancorp bought a new stake in Corebridge Financial in the second quarter valued at $54,000. Finally, Deseret Mutual Benefit Administrators raised its holdings in shares of Corebridge Financial by 73.2% during the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock valued at $60,000 after purchasing an additional 877 shares during the period. Institutional investors own 98.25% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 1,932,609 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the sale, the insider now owns 292,271,027 shares in the company, valued at approximately $8,534,313,988.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.09% of the company’s stock.

Analysts Set New Price Targets

CRBG has been the subject of a number of research analyst reports. Jefferies Financial Group boosted their target price on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. JPMorgan Chase & Co. boosted their price objective on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Morgan Stanley lowered their target price on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Bank of America reduced their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Finally, UBS Group upped their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.62.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $27.41 on Friday. Corebridge Financial, Inc. has a 52 week low of $18.40 and a 52 week high of $34.66. The company’s 50 day moving average price is $28.26 and its two-hundred day moving average price is $28.15. The stock has a market cap of $16.23 billion, a P/E ratio of 7.21, a P/E/G ratio of 0.35 and a beta of 0.97. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. The business had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same quarter in the previous year, the firm earned $1.04 earnings per share. On average, equities analysts predict that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a yield of 3.36%. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

About Corebridge Financial

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.