L2 Asset Management LLC Decreases Stock Holdings in Corebridge Financial, Inc. $CRBG

L2 Asset Management LLC trimmed its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 69.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor 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 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Bank of Nova Scotia lifted its position in shares of Corebridge Financial by 3.8% during the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after buying an additional 340 shares during the last quarter. Severin Investments LLC lifted its position in shares of Corebridge Financial by 1.4% during the third quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock valued at $794,000 after buying an additional 350 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after buying an additional 377 shares during the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of Corebridge Financial by 2.5% during the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock valued at $494,000 after buying an additional 383 shares during the last quarter. Finally, True Wealth Design LLC lifted its position in shares of Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after buying an additional 412 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock opened at $29.18 on Wednesday. The firm has a market capitalization of $13.33 billion, a P/E ratio of 53.06, a PEG ratio of 0.32 and a beta of 1.14. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The company has a 50 day moving average price of $26.86 and a 200 day moving average price of $28.01. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $5.06 billion. During the same quarter last year, the company posted $1.16 EPS. Sell-side analysts expect that Corebridge Financial, Inc. will post 4.81 EPS for the current year.

Corebridge Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. TD Cowen decreased their price target on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Mizuho increased their price target on shares of Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Weiss Ratings lowered shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. UBS Group decreased their price objective on shares of Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a research report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.17.

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.