Deseret Mutual Benefit Administrators Increases Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Deseret Mutual Benefit Administrators raised its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 34.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 3,991 shares of the company’s stock after acquiring an additional 1,022 shares during the period. Deseret Mutual Benefit Administrators’ holdings in Corebridge Financial were worth $119,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Nippon Life Insurance Co. purchased a new position in shares of Corebridge Financial during the fourth quarter worth approximately $3,650,151,000. Massachusetts Financial Services Co. MA grew its position in shares of Corebridge Financial by 2.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock worth $305,709,000 after acquiring an additional 284,781 shares during the last quarter. State Street Corp grew its position in shares of Corebridge Financial by 11.7% during the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after acquiring an additional 843,559 shares during the last quarter. FMR LLC grew its position in shares of Corebridge Financial by 13.5% during the third quarter. FMR LLC now owns 5,030,104 shares of the company’s stock worth $146,678,000 after acquiring an additional 598,373 shares during the last quarter. Finally, Donald Smith & CO. Inc. grew its position in shares of Corebridge Financial by 12.7% during the third quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company’s stock worth $126,411,000 after acquiring an additional 489,545 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of research reports. Morgan Stanley raised their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a report on Monday, January 6th. Wells Fargo & Company increased their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, BMO Capital Markets assumed coverage on Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.64.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the transaction, the insider now owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $32.72 on Friday. Corebridge Financial, Inc. has a one year low of $23.77 and a one year high of $34.66. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The business has a fifty day moving average of $31.70 and a two-hundred day moving average of $30.42. The company has a market cap of $18.19 billion, a P/E ratio of 8.65, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94.

Corebridge Financial (NYSE:CRBG) last released its 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 net margin of 11.39% and a return on equity of 22.69%. As a group, analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Monday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is 24.34%.

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.