Toroso Investments LLC Invests $1.53 Million in Corebridge Financial, Inc. (NYSE:CRBG)

Toroso Investments LLC acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 95,742 shares of the company’s stock, valued at approximately $1,534,000.

Other hedge funds have also added to or reduced their stakes in the company. MetLife Investment Management LLC purchased a new stake in shares of Corebridge Financial in the 4th quarter worth $33,000. Advisor Group Holdings Inc. bought a new position in Corebridge Financial in the fourth quarter worth approximately $35,000. Nomura Asset Management Co. Ltd. purchased a new stake in Corebridge Financial during the first quarter worth $30,000. Steward Partners Investment Advisory LLC bought a new stake in Corebridge Financial during the 4th quarter valued at $41,000. Finally, Operose Advisors LLC purchased a new position in shares of Corebridge Financial in the 1st quarter valued at $48,000. 34.15% of the stock is currently owned by institutional investors.

Corebridge Financial Price Performance

Shares of CRBG opened at $18.76 on Friday. The firm has a market capitalization of $11.93 billion and a PE ratio of 5.79. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.15 and a quick ratio of 0.15. Corebridge Financial, Inc. has a 1-year low of $14.01 and a 1-year high of $23.50. The company’s fifty day moving average price is $18.49 and its 200-day moving average price is $17.44.

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

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 4.90%. The ex-dividend date is Thursday, September 14th. Corebridge Financial’s payout ratio is 28.40%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 10,981,108 shares of the company’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $16.41, for a total value of $180,199,982.28. Following the sale, the insider now directly owns 415,413,892 shares of the company’s stock, valued at $6,816,941,967.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.09% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CRBG shares. UBS Group initiated coverage on Corebridge Financial in a research report on Thursday, June 29th. They set a “buy” rating and a $22.00 price objective on the stock. Jefferies Financial Group increased their price target on Corebridge Financial from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday. Wells Fargo & Company boosted their price target on Corebridge Financial from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 15th. Bank of America decreased their price objective on shares of Corebridge Financial from $28.00 to $26.00 in a research report on Friday, June 2nd. Finally, Morgan Stanley boosted their target price on shares of Corebridge Financial from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, August 7th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.00.

About Corebridge Financial

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.