L2 Asset Management LLC Has $5.72 Million Holdings in Corebridge Financial, Inc. $CRBG

L2 Asset Management LLC increased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 32.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 161,142 shares of the company’s stock after purchasing an additional 39,463 shares during the quarter. L2 Asset Management LLC’s holdings in Corebridge Financial were worth $5,721,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CRBG. Bank of Nova Scotia raised its stake in Corebridge Financial by 3.8% during the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock worth $331,000 after buying an additional 340 shares during the period. Assetmark Inc. boosted its holdings in Corebridge Financial by 60.9% during the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock worth $33,000 after purchasing an additional 356 shares during the last quarter. Brooklyn Investment Group increased its position in shares of Corebridge Financial by 66.7% during the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock worth $46,000 after purchasing an additional 581 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Corebridge Financial by 86.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock valued at $46,000 after purchasing an additional 603 shares during the period. Finally, Forum Financial Management LP boosted its position in Corebridge Financial by 4.0% during the second quarter. Forum Financial Management LP now owns 16,360 shares of the company’s stock worth $581,000 after purchasing an additional 630 shares during the period. 98.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CRBG. Wells Fargo & Company reduced their price objective on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. Evercore ISI decreased their price target on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Wolfe Research began coverage on shares of Corebridge Financial in a research note on Friday, October 10th. They issued a “peer perform” rating for the company. Morgan Stanley reissued an “equal weight” rating and issued a $33.00 price target (down previously from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a report on Thursday, October 9th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and an average price target of $39.40.

Corebridge Financial Stock Up 0.2%

CRBG stock opened at $30.33 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market capitalization of $15.78 billion, a P/E ratio of 18.05, a P/E/G ratio of 0.42 and a beta of 1.04. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The business has a fifty day moving average price of $30.76 and a 200-day moving average price of $32.76.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.12). The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.Corebridge Financial’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same period last year, the firm posted $1.23 EPS. Equities analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, December 17th. Corebridge Financial’s dividend payout ratio is presently 57.14%.

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.