Utah Retirement Systems Purchases 2,400 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Utah Retirement Systems increased its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 17.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,900 shares of the company’s stock after buying an additional 2,400 shares during the quarter. Utah Retirement Systems’ holdings in Corebridge Financial were worth $476,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRBG. Nippon Life Insurance Co. acquired a new stake in shares of Corebridge Financial during the fourth quarter worth $3,650,151,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Corebridge Financial by 31.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company’s stock valued at $986,539,000 after purchasing an additional 7,828,929 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Corebridge Financial by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company’s stock worth $716,083,000 after buying an additional 711,857 shares during the period. Norges Bank bought a new position in shares of Corebridge Financial during the fourth quarter worth about $283,212,000. Finally, AQR Capital Management LLC raised its position in Corebridge Financial by 10.5% in the 4th quarter. AQR Capital Management LLC now owns 5,556,761 shares of the company’s stock valued at $166,314,000 after buying an additional 527,376 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CRBG. 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 research note on Thursday, April 10th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price target for the company from $33.00 to $40.00 in a research note on Friday, January 10th. Piper Sandler increased their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods lowered their target price on Corebridge Financial from $40.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. Finally, Barclays dropped their target price on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a report on Friday, April 11th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and an average price target of $36.15.

Corebridge Financial Stock Up 2.1 %

Shares of CRBG opened at $30.59 on Friday. The firm has a market cap of $16.90 billion, a P/E ratio of 8.09, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98. 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 52 week low of $23.69 and a 52 week high of $35.36. The firm’s 50-day simple moving average is $30.27 and its 200 day simple moving average is $31.15.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, February 12th. The company reported $1.23 EPS 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, analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.24 per share. The ex-dividend date was Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.14%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio (DPR) is currently 25.40%.

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.