Wellington Shields Capital Management LLC Increases Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Wellington Shields Capital Management LLC increased its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 10.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,700 shares of the company’s stock after buying an additional 2,000 shares during the period. Wellington Shields Capital Management LLC’s holdings in Corebridge Financial were worth $649,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its holdings in shares of Corebridge Financial by 25.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company’s stock worth $49,000 after acquiring an additional 329 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after purchasing an additional 480 shares in the last quarter. Covestor Ltd raised its holdings in Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after purchasing an additional 570 shares in the last quarter. Sanctuary Advisors LLC lifted its position in Corebridge Financial by 3.1% during the fourth quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company’s stock valued at $664,000 after buying an additional 660 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Corebridge Financial by 183.2% during the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock valued at $33,000 after buying an additional 729 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRBG has been the subject of several research reports. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a research note on Monday, January 6th. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They set an “outperform” rating and a $43.00 target price for the company. TD Cowen boosted their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler boosted their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.29.

Corebridge Financial Trading Down 3.8 %

Shares of NYSE:CRBG opened at $30.52 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial, Inc. has a 1 year low of $23.97 and a 1 year high of $35.36. The company has a market cap of $16.97 billion, a P/E ratio of 8.07, a PEG ratio of 0.43 and a beta of 0.92. The stock’s fifty day moving average price is $32.40 and its 200-day moving average price is $30.89.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. Sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 3.15%. Corebridge Financial’s payout ratio 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.