Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Korea Investment CORP

Korea Investment CORP trimmed its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 2.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 245,678 shares of the company’s stock after selling 6,400 shares during the quarter. Korea Investment CORP’s holdings in Corebridge Financial were worth $7,353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Nippon Life Insurance Co. purchased a new stake in shares of Corebridge Financial during the fourth quarter worth about $3,650,151,000. Vanguard Group Inc. grew its position in Corebridge Financial by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company’s stock worth $716,083,000 after purchasing an additional 711,857 shares during the last quarter. State Street Corp grew its position in Corebridge Financial by 11.7% during the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after purchasing an additional 843,559 shares during the last quarter. FMR LLC increased its stake in Corebridge Financial by 13.5% during the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company’s stock valued at $146,678,000 after purchasing an additional 598,373 shares in the last quarter. Finally, Pzena Investment Management LLC raised its holdings in shares of Corebridge Financial by 222.9% in the fourth quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company’s stock worth $138,829,000 after buying an additional 3,202,145 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRBG. Piper Sandler upped their target price on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. BMO Capital Markets assumed coverage on Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and raised their price objective for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. Wells Fargo & Company upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Finally, Morgan Stanley upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $35.00 to $43.00 in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $37.29.

Corebridge Financial Trading Up 0.7 %

Shares of Corebridge Financial stock opened at $31.57 on Tuesday. Corebridge Financial, Inc. has a fifty-two week low of $23.97 and a fifty-two week high of $35.36. 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 company has a market cap of $17.55 billion, a P/E ratio of 8.35, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92. The firm has a 50-day simple moving average of $32.73 and a two-hundred day simple moving average of $31.29.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (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%. As a group, equities analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.04%. The ex-dividend date was Monday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is presently 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.