MGO One Seven LLC Invests $883,000 in Corebridge Financial, Inc. (NYSE:CRBG)

MGO One Seven LLC purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 4th quarter, Holdings Channel.com reports. The fund purchased 29,490 shares of the company’s stock, valued at approximately $883,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRBG. Nippon Life Insurance Co. purchased a new stake in shares of Corebridge Financial in the fourth quarter worth approximately $3,650,151,000. Price T Rowe Associates Inc. MD grew its position in Corebridge Financial by 31.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company’s stock valued at $986,539,000 after acquiring an additional 7,828,929 shares during the last quarter. Vanguard Group Inc. grew its position in Corebridge Financial by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company’s stock valued at $716,083,000 after acquiring an additional 711,857 shares during the last quarter. Norges Bank purchased a new stake in Corebridge Financial in the fourth quarter worth $283,212,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Corebridge Financial by 16.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,457,441 shares of the company’s stock worth $163,344,000 after purchasing an additional 770,255 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

CRBG stock opened at $29.50 on Friday. The firm has a 50-day simple moving average of $30.56 and a two-hundred day simple moving average of $31.16. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $35.36. The firm has a market cap of $16.30 billion, a price-to-earnings ratio of 7.80, a PEG ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. On average, equities analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.25%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date was Monday, March 17th. Corebridge Financial’s payout ratio is 25.40%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Wells Fargo & Company cut their price target on shares of Corebridge Financial from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Barclays reduced their target price on shares of Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a research report on Friday, April 11th. Piper Sandler increased their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 2nd. UBS Group lowered Corebridge Financial from a “buy” rating to a “sell” rating and decreased their target price for the company from $40.00 to $28.00 in a research report on Wednesday, April 2nd. Finally, Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and increased their price target for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus price target of $36.15.

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.