Swedbank AB trimmed its holdings in Corebridge Financial, Inc. (NYSE:CRBG – Free Report) by 48.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,074 shares of the company’s stock after selling 87,211 shares during the period. Swedbank AB’s holdings in Corebridge Financial were worth $2,778,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Corebridge Financial by 7.2% in the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after acquiring an additional 1,805,819 shares during the last quarter. Machina Capital S.A.S. bought a new position in Corebridge Financial in the third quarter valued at approximately $1,182,000. Dimensional Fund Advisors LP increased its stake in Corebridge Financial by 6.9% in the third quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock valued at $214,372,000 after acquiring an additional 430,308 shares during the last quarter. State of Michigan Retirement System bought a new position in Corebridge Financial in the fourth quarter valued at approximately $2,130,000. Finally, Russell Investments Group Ltd. increased its stake in Corebridge Financial by 19.3% in the third quarter. Russell Investments Group Ltd. now owns 1,518,492 shares of the company’s stock valued at $48,712,000 after acquiring an additional 245,695 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on CRBG. Keefe, Bruyette & Woods lifted their price objective on shares of Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday, May 6th. UBS Group decreased their price objective on shares of Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 28th. TD Cowen decreased their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Mizuho lifted their price objective on shares of Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Finally, Morgan Stanley decreased their price objective on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 3rd. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.17.
Corebridge Financial Stock Performance
NYSE CRBG opened at $26.89 on Thursday. The firm’s fifty day moving average price is $25.80 and its two-hundred day moving average price is $28.17. The stock has a market cap of $12.28 billion, a PE ratio of 48.90, a PEG ratio of 0.30 and a beta of 1.18. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $36.57. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12.
Corebridge Financial (NYSE:CRBG – Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same period in the previous year, the firm posted $1.16 EPS. On average, equities analysts expect that Corebridge Financial, Inc. will post 4.88 EPS for the current fiscal year.
Corebridge Financial Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, June 16th. Corebridge Financial’s payout ratio is presently 181.82%.
Corebridge Financial Company 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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