Sierra Summit Advisors LLC Acquires 42,865 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Sierra Summit Advisors LLC raised its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 14.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 338,471 shares of the company’s stock after acquiring an additional 42,865 shares during the period. Corebridge Financial makes up 2.0% of Sierra Summit Advisors LLC’s investment portfolio, making the stock its 19th largest position. Sierra Summit Advisors LLC’s holdings in Corebridge Financial were worth $10,130,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of CRBG. EverSource Wealth Advisors LLC grew its position in Corebridge Financial by 25.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company’s stock worth $49,000 after acquiring an additional 329 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in Corebridge Financial by 58.4% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company’s stock worth $34,000 after purchasing an additional 423 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after purchasing an additional 480 shares in the last quarter. Sanctuary Advisors LLC increased its position in shares of Corebridge Financial by 3.1% during the 4th quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company’s stock valued at $664,000 after purchasing an additional 660 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Corebridge Financial by 183.2% during the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock valued at $33,000 after buying an additional 729 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 10.5 %

CRBG opened at $25.62 on Monday. Corebridge Financial, Inc. has a one year low of $23.97 and a one year high of $35.36. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The business has a 50 day simple moving average of $32.48 and a two-hundred day simple moving average of $31.35. The firm has a market capitalization of $14.25 billion, a price-to-earnings ratio of 6.78, a PEG ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. Analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.75%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Monday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently 25.40%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and upped their target price for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. UBS Group cut shares of Corebridge Financial from a “buy” rating to a “sell” rating and cut their price objective for the company from $40.00 to $28.00 in a research note on Wednesday, April 2nd. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price on the stock. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a research report on Monday, January 6th. Finally, Piper Sandler raised their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

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.