Jacobs Levy Equity Management Inc. Has $143.77 Million Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Jacobs Levy Equity Management Inc. lifted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 34.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 4,803,433 shares of the company’s stock after purchasing an additional 1,235,796 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Corebridge Financial were worth $143,767,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of CRBG. EverSource Wealth Advisors LLC boosted its stake in Corebridge Financial by 25.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company’s stock worth $49,000 after buying an additional 329 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in Corebridge Financial by 58.4% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company’s stock valued at $34,000 after acquiring an additional 423 shares during the period. Smartleaf Asset Management LLC raised its position in Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after purchasing an additional 480 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in Corebridge Financial by 3.1% during the fourth quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company’s stock worth $664,000 after purchasing an additional 660 shares during the period. Finally, MetLife Investment Management LLC boosted its holdings in Corebridge Financial by 16.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company’s stock valued at $155,000 after purchasing an additional 715 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Trading Down 0.4 %

Shares of NYSE:CRBG opened at $31.17 on Friday. The firm has a market cap of $17.15 billion, a price-to-earnings ratio of 8.25, a PEG ratio of 0.43 and a beta of 1.01. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $35.36. The company’s fifty day simple moving average is $30.04 and its 200 day simple moving average is $31.14. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Monday, May 5th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. The company had revenue of $4.74 billion for the quarter, compared to analyst estimates of $5.28 billion. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. During the same period in the previous year, the company posted $1.10 earnings per share. As a group, research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Monday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is currently 81.36%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. UBS Group cut Corebridge Financial from a “buy” rating to a “sell” rating and dropped their target price for the stock from $40.00 to $28.00 in a report on Wednesday, April 2nd. Piper Sandler increased their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 2nd. Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Wednesday. Keefe, Bruyette & Woods raised their price objective on shares of Corebridge Financial from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Barclays boosted their target price on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.62.

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.