L2 Asset Management LLC Has $3.56 Million Stock Holdings in Corebridge Financial, Inc. $CRBG

L2 Asset Management LLC trimmed its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 31.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 111,080 shares of the company’s stock after selling 50,062 shares during the quarter. L2 Asset Management LLC’s holdings in Corebridge Financial were worth $3,560,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRBG. Allworth Financial LP acquired a new position in shares of Corebridge Financial during the second quarter worth $26,000. Community Bank N.A. bought a new stake in shares of Corebridge Financial in the third quarter worth $26,000. Smartleaf Asset Management LLC increased its holdings in Corebridge Financial by 83.6% in the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after purchasing an additional 377 shares during the period. Root Financial Partners LLC bought a new position in Corebridge Financial during the 3rd quarter worth $32,000. Finally, Assetmark Inc. raised its position in Corebridge Financial by 47.7% during the 3rd quarter. Assetmark Inc. now owns 1,390 shares of the company’s stock worth $45,000 after purchasing an additional 449 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CRBG shares. Mizuho started coverage on Corebridge Financial in a report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 target price on the stock. TD Cowen decreased their price target on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Morgan Stanley lowered their price objective on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 3rd. Wells Fargo & Company cut their price objective on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. Finally, JPMorgan Chase & Co. reduced their target price on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a report on Monday, January 5th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.09.

Corebridge Financial Stock Performance

Shares of CRBG opened at $23.64 on Tuesday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. The firm’s fifty day simple moving average is $28.97 and its two-hundred day simple moving average is $30.51. Corebridge Financial, Inc. has a 12 month low of $22.32 and a 12 month high of $36.57. The stock has a market capitalization of $11.39 billion, a P/E ratio of -44.60, a price-to-earnings-growth ratio of 0.36 and a beta of 1.12.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.11. The firm had revenue of $6.34 billion during the quarter, compared to analyst estimates of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same period last year, the company posted $1.06 EPS. As a group, analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 4.2%. Corebridge Financial’s dividend payout ratio is presently -181.13%.

Corebridge Financial Profile

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.