Bruni J V & Co. Co. bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG – Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 404,572 shares of the company’s stock, valued at approximately $12,206,000. Corebridge Financial comprises about 1.2% of Bruni J V & Co. Co.’s investment portfolio, making the stock its 26th largest position.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Corebridge Financial in the 4th quarter valued at approximately $2,018,000. BNP Paribas Financial Markets increased its holdings in Corebridge Financial by 211.7% in the 4th quarter. BNP Paribas Financial Markets now owns 458,724 shares of the company’s stock valued at $13,840,000 after purchasing an additional 311,534 shares during the last quarter. Forsta AP Fonden increased its holdings in Corebridge Financial by 4.6% in the 4th quarter. Forsta AP Fonden now owns 59,500 shares of the company’s stock valued at $1,795,000 after purchasing an additional 2,600 shares during the last quarter. Norges Bank acquired a new stake in Corebridge Financial in the 4th quarter valued at approximately $611,550,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Corebridge Financial in the 4th quarter valued at approximately $13,635,000. Institutional investors and hedge funds own 98.25% of the company’s stock.
Analyst Upgrades and Downgrades
CRBG has been the subject of several research reports. Bank of America dropped their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Morgan Stanley dropped their price target on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 3rd. Mizuho boosted their price target on shares of Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. Piper Sandler dropped their price target on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a research note on Tuesday, May 26th. Finally, Weiss Ratings downgraded shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $35.17.
Corebridge Financial Stock Performance
NYSE:CRBG opened at $26.97 on Friday. The company has a fifty day simple moving average of $25.91 and a two-hundred day simple moving average of $28.14. The company has a market cap of $12.32 billion, a price-to-earnings ratio of 49.03, a price-to-earnings-growth ratio of 0.29 and a beta of 1.18. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57.
Corebridge Financial (NYSE:CRBG – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same quarter last year, the firm earned $1.16 EPS. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 4.89 earnings per share for the current fiscal year.
Corebridge Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, June 16th. Corebridge Financial’s payout ratio is 181.82%.
Corebridge Financial Profile
Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.
Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.
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