Fortitude Family Office LLC Acquires New Shares in Corebridge Financial, Inc. (NYSE:CRBG)

Fortitude Family Office LLC has recently made an investment in Corebridge Financial, Inc. (NYSE:CRBG), acquiring a total of 899 new shares during the fourth quarter. This transaction amounted to approximately $27,000, as reported by HoldingsChannel.com.

In addition to Fortitude Family Office's recent purchase, other notable investors have also been active in Corebridge Financial's stock. Covestor Ltd increased its stake by 118.8% in the third quarter and now holds 1,050 shares worth around $31,000 following the acquisition of an additional 570 shares. Meanwhile, The Manufacturers Life Insurance Company raised its position by 2.8% during the second quarter, bringing its total holdings to 21,479 shares valued at about $625,000, after purchasing 585 additional shares.

Commonwealth Equity Services LLC also increased its investment by 2.7%, now owning 22,322 shares worth approximately $650,000, while Xponance Inc. saw a 3.0% increase, holding 21,037 shares valued at around $613,000 after adding 612 shares. Vanguard Personalized Indexing Management LLC also raised its position by 3.1%, accumulating 25,403 shares held at a worth of about $740,000. Overall, institutional investors and hedge funds together own a significant 98.25% of Corebridge Financial's stock.

Corebridge Financial Stock Performance

As of the latest available trading data, Corebridge Financial stock opened at $30.10. The company has experienced fluctuations over the past year, hitting a low of $23.01 and a high of $34.66. Corebridge Financial's market capitalization stands at $17.12 billion, complemented by a debt-to-equity ratio of 0.83. The company has reported a price-to-earnings ratio of -14.40 and a price-to-earnings-growth ratio of 0.39, with a beta value of 0.92. The average prices for the firm's fifty-day and 200-day moving averages are recorded at $30.91 and $29.65, respectively.

Corebridge Financial disclosed its most recent earnings results on November 4th, reporting earnings per share (EPS) of $1.38 for the quarter, exceeding analysts' estimates of $1.17 by $0.21. The company achieved a positive return on equity of 22.24% but recorded a negative net margin of 6.10%. Total revenue for the quarter was reported at $5.53 billion, compared to anticipated revenue of $5.66 billion. This figure represents a 39.5% increase from the same quarter the previous year, and analysts predict that Corebridge Financial will finish the current fiscal year with an EPS of 4.81.

Corebridge Financial Announces Dividend

In addition to its performance metrics, Corebridge Financial has declared a quarterly dividend recently. This dividend, amounting to $0.23 per share, was paid on December 31st, 2024, to shareholders on record as of December 17th. Annually, this translates to a total dividend of $0.92, leading to a dividend yield of 3.06%. As of now, the company's payout ratio is calculated at -44.02%.

Insider Buying and Selling

In related news regarding Corebridge Financial, a significant insider transaction occurred. On December 9th, a major shareholder, International Group American, sold 121,956,256 shares of the company's stock at an average price of $31.47, totaling approximately $3.84 billion. After this sale, the insider retains ownership of 127,282,642 shares, valued at about $4.01 billion—a decrease of 48.93% in their ownership. This trade was publicly filed with the Securities and Exchange Commission (SEC).

Analysts Set New Price Targets

Corebridge Financial stock has caught the attention of several analysts. Deutsche Bank Aktiengesellschaft recently upgraded its recommendation from “hold” to “buy,” while increasing the target price from $33.00 to $40.00. Piper Sandler also raised their price target from $34.00 to $35.00 and assigned an “overweight” rating. In contrast, DOWLING & PARTN reduced the company's rating from “strong-buy” to “hold.” Barclays analysts upgraded Corebridge Financial from “equal weight” to “overweight,” setting a target of $37.00. Further, TD Cowen raised their price objective from $35.00 to $37.00, labeling the stock as a “buy.” Overall, three analysts have rated the stock as a hold, while eleven have rated it as a buy. The consensus rating is classified as a “Moderate Buy” with an average target price of $35.85, according to MarketBeat.

Corebridge Financial Company Profile

Corebridge Financial, Inc. is engaged in providing various retirement solutions and insurance products across the United States. The company operates through several key segments, including Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets. Their Individual Retirement segment focuses on offering fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.

investment, stocks, acquisition