Man Group plc Boosts Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Man Group plc boosted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 15.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,588,284 shares of the company’s stock after acquiring an additional 346,836 shares during the period. Man Group plc’s holdings in Corebridge Financial were worth $77,467,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. New York Life Investment Management LLC purchased a new stake in Corebridge Financial in the 4th quarter valued at approximately $781,000. Raymond James Financial Inc. purchased a new stake in Corebridge Financial in the 4th quarter valued at approximately $31,844,000. Barclays PLC lifted its stake in Corebridge Financial by 20.0% in the 3rd quarter. Barclays PLC now owns 358,035 shares of the company’s stock valued at $10,441,000 after buying an additional 59,702 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Corebridge Financial by 4.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 504,261 shares of the company’s stock valued at $15,093,000 after buying an additional 20,783 shares in the last quarter. Finally, KBC Group NV lifted its stake in shares of Corebridge Financial by 77.9% during the 4th quarter. KBC Group NV now owns 1,222,448 shares of the company’s stock worth $36,588,000 after purchasing an additional 535,323 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Morgan Stanley reduced their price target on Corebridge Financial from $43.00 to $32.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Barclays increased their price target on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. BMO Capital Markets assumed coverage on Corebridge Financial in a research note on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target on the stock. UBS Group lowered Corebridge Financial from a “buy” rating to a “sell” rating and reduced their price target for the stock from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Finally, Wells Fargo & Company increased their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.62.

Corebridge Financial Stock Up 0.6%

Shares of NYSE CRBG opened at $32.77 on Wednesday. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $35.36. The company has a market cap of $18.03 billion, a P/E ratio of 8.67, a P/E/G ratio of 0.43 and a beta of 1.01. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average price of $30.04 and a 200 day moving average price of $31.15.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.01. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. The firm had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the prior year, the firm earned $1.10 EPS. Research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.24 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.93%. Corebridge Financial’s dividend payout ratio is currently 81.36%.

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.