Tower Research Capital LLC TRC Buys 8,313 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Tower Research Capital LLC TRC increased its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1,517.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,861 shares of the company’s stock after acquiring an additional 8,313 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Corebridge Financial were worth $142,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CRBG. MetLife Investment Management LLC purchased a new position in shares of Corebridge Financial during the 4th quarter valued at $33,000. Advisor Group Holdings Inc. purchased a new position in shares of Corebridge Financial during the 4th quarter valued at $35,000. Steward Partners Investment Advisory LLC purchased a new position in shares of Corebridge Financial during the 4th quarter valued at $41,000. Operose Advisors LLC purchased a new position in shares of Corebridge Financial during the 1st quarter valued at $48,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Corebridge Financial during the 3rd quarter valued at $85,000. 34.15% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on CRBG. Wells Fargo & Company upped their price target on Corebridge Financial from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Tuesday, August 15th. Bank of America decreased their price objective on Corebridge Financial from $28.00 to $26.00 in a research note on Friday, June 2nd. UBS Group started coverage on Corebridge Financial in a research note on Thursday, June 29th. They set a “buy” rating and a $22.00 price objective on the stock. Citigroup boosted their price objective on Corebridge Financial from $19.00 to $20.00 and gave the company a “neutral” rating in a research note on Wednesday, August 9th. Finally, Morgan Stanley boosted their price objective on Corebridge Financial from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, August 7th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.17.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 74,750,000 shares of the stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $16.25, for a total transaction of $1,214,687,500.00. Following the completion of the sale, the insider now directly owns 426,395,000 shares in the company, valued at approximately $6,928,918,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.09% of the stock is currently owned by company insiders.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $17.76 on Thursday. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $11.29 billion and a PE ratio of 5.48. The business’s 50-day moving average price is $18.30 and its 200-day moving average price is $17.65. Corebridge Financial, Inc. has a 12 month low of $14.01 and a 12 month high of $23.50.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Friday, August 4th. The company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.93 by $0.11. The firm had revenue of $5.85 billion for the quarter, compared to analyst estimates of $4.47 billion. Corebridge Financial had a return on equity of 21.70% and a net margin of 9.99%. Sell-side analysts forecast that Corebridge Financial, Inc. will post 4.18 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 5.18%. The ex-dividend date is Thursday, September 14th. Corebridge Financial’s dividend payout ratio is presently 28.40%.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. It 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.