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

L2 Asset Management LLC lowered its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 31.1% in the 3rd quarter, HoldingsChannel.com reports. 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.

A number of other institutional investors also recently modified their holdings of the stock. Goldman Sachs Group Inc. boosted its stake in Corebridge Financial by 229.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after acquiring an additional 905,918 shares in the last quarter. Focus Partners Wealth bought a new stake in Corebridge Financial in the first quarter valued at $384,000. Campbell & CO Investment Adviser LLC acquired a new position in shares of Corebridge Financial during the second quarter valued at about $333,000. Allworth Financial LP acquired a new position in shares of Corebridge Financial during the second quarter valued at about $26,000. Finally, Forsta AP Fonden bought a new position in shares of Corebridge Financial during the 2nd quarter worth about $1,782,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CRBG. Weiss Ratings downgraded Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. TD Cowen cut their price target on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. UBS Group decreased their price objective on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Finally, Morgan Stanley lowered their target price on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 3rd. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.09.

Corebridge Financial Trading Up 0.6%

CRBG opened at $23.64 on Tuesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a fifty-two week low of $22.32 and a fifty-two week high of $36.57. The firm has a market capitalization of $11.39 billion, a PE ratio of -44.60, a P/E/G ratio of 0.36 and a beta of 1.12. The company’s 50-day moving average is $28.97 and its 200 day moving average is $30.51.

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

Corebridge Financial Increases Dividend

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

About Corebridge Financial

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.