Voleon Capital Management LP Makes New Investment in Corebridge Financial, Inc. (NYSE:CRBG)

Voleon Capital Management LP bought a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the 4th quarter, HoldingsChannel.com reports. The firm bought 18,974 shares of the company’s stock, valued at approximately $568,000.

A number of other hedge funds have also made changes to their positions in the stock. Barclays PLC boosted its stake in Corebridge Financial by 20.0% during the 3rd quarter. Barclays PLC now owns 358,035 shares of the company’s stock valued at $10,441,000 after acquiring an additional 59,702 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Corebridge Financial in the 3rd quarter valued at about $581,000. Tidal Investments LLC lifted its position in shares of Corebridge Financial by 38.0% during the third quarter. Tidal Investments LLC now owns 31,780 shares of the company’s stock worth $927,000 after purchasing an additional 8,751 shares during the last quarter. Franklin Resources Inc. grew its stake in Corebridge Financial by 68.6% in the third quarter. Franklin Resources Inc. now owns 423,654 shares of the company’s stock worth $12,981,000 after purchasing an additional 172,397 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new stake in Corebridge Financial in the fourth quarter valued at about $437,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Piper Sandler increased their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, April 2nd. BMO Capital Markets initiated coverage on Corebridge Financial in a research note on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Corebridge Financial from $40.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Barclays dropped their target price on shares of Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a report on Friday, April 11th. Finally, Morgan Stanley decreased their price target on shares of Corebridge Financial from $43.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $36.15.

Corebridge Financial Stock Performance

CRBG opened at $29.96 on Friday. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $35.36. The stock has a market cap of $16.55 billion, a PE ratio of 7.93, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98. The business’s 50 day moving average is $30.31 and its 200-day moving average is $31.15. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16.

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

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.24 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 3.20%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio is presently 25.40%.

Corebridge Financial Profile

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.