L2 Asset Management LLC Sells 77,037 Shares of Corebridge Financial, Inc. $CRBG

L2 Asset Management LLC cut its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 69.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,043 shares of the company’s stock after selling 77,037 shares during the period. L2 Asset Management LLC’s holdings in Corebridge Financial were worth $1,027,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Community Bank N.A. bought a new position in shares of Corebridge Financial in the third quarter worth about $26,000. Smartleaf Asset Management LLC grew its holdings in shares of Corebridge Financial by 83.6% in the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares during the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Corebridge Financial by 179.7% in the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after purchasing an additional 532 shares during the last quarter. Rothschild Investment LLC grew its holdings in shares of Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after purchasing an additional 520 shares during the last quarter. Finally, True Wealth Design LLC grew its holdings in shares of Corebridge Financial by 50.2% in the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after purchasing an additional 412 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CRBG has been the topic of a number of research analyst reports. JPMorgan Chase & Co. cut their price target on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Zacks Research cut shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Mizuho upped their price target on shares of Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. TD Cowen cut their price target on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Finally, Piper Sandler lowered their price objective on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a research note on Tuesday, May 26th. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus price target of $35.17.

Corebridge Financial Stock Down 0.9%

NYSE:CRBG opened at $29.18 on Wednesday. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.57. The company has a 50-day moving average of $26.86 and a 200 day moving average of $28.01. The firm has a market cap of $13.33 billion, a PE ratio of 53.06, a price-to-earnings-growth ratio of 0.32 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same period last year, the company earned $1.16 earnings per share. As a group, research analysts anticipate that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.4%. Corebridge Financial’s dividend payout ratio is 181.82%.

Corebridge Financial Company 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.