Legend Financial Advisors Inc. Sells 8,153 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Legend Financial Advisors Inc. cut its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 24.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,813 shares of the company’s stock after selling 8,153 shares during the period. Corebridge Financial makes up approximately 0.5% of Legend Financial Advisors Inc.’s holdings, making the stock its 24th biggest position. Legend Financial Advisors Inc.’s holdings in Corebridge Financial were worth $724,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of CRBG. Riverview Trust Co bought a new stake in shares of Corebridge Financial in the first quarter valued at about $25,000. ORG Wealth Partners LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter worth approximately $29,000. LRI Investments LLC acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $30,000. ORG Partners LLC bought a new stake in shares of Corebridge Financial during the second quarter valued at approximately $32,000. Finally, Fifth Third Bancorp acquired a new position in shares of Corebridge Financial in the second quarter valued at $54,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CRBG shares. TD Cowen initiated coverage on shares of Corebridge Financial in a research note on Wednesday, October 9th. They set a “buy” rating and a $35.00 price target on the stock. Piper Sandler lowered their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Royal Bank of Canada cut their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. UBS Group upped their price objective on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. raised their target price on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $34.46.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.09% of the stock is currently owned by corporate insiders.

Corebridge Financial Stock Performance

Shares of CRBG opened at $31.72 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. The company has a market cap of $19.30 billion, a price-to-earnings ratio of 8.35, a PEG ratio of 0.42 and a beta of 0.97. The stock has a fifty day moving average price of $28.59 and a two-hundred day moving average price of $28.71. Corebridge Financial, Inc. has a 52-week low of $18.83 and a 52-week high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. The business had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same quarter in the prior year, the company earned $1.04 EPS. Analysts predict that Corebridge Financial, Inc. will post 4.66 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend was Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company 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.