CIBC Asset Management Inc Increases Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

CIBC Asset Management Inc grew its position in Corebridge Financial, Inc. (NYSE:CRBG) by 9.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,394 shares of the company’s stock after purchasing an additional 1,815 shares during the period. CIBC Asset Management Inc’s holdings in Corebridge Financial were worth $640,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CRBG. Nippon Life Insurance Co. purchased a new stake in shares of Corebridge Financial in the fourth quarter valued at about $3,650,151,000. Jacobs Levy Equity Management Inc. raised its holdings in shares of Corebridge Financial by 34.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock valued at $104,032,000 after purchasing an additional 915,848 shares during the last quarter. State Street Corp raised its holdings in shares of Corebridge Financial by 11.7% in the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after purchasing an additional 843,559 shares during the last quarter. AustralianSuper Pty Ltd increased its holdings in Corebridge Financial by 69.5% during the fourth quarter. AustralianSuper Pty Ltd now owns 1,584,707 shares of the company’s stock worth $47,430,000 after buying an additional 649,718 shares during the last quarter. Finally, FMR LLC raised its position in Corebridge Financial by 13.5% in 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 period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Morgan Stanley lifted their price objective 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. TD Cowen lifted their price objective on shares of 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 shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Finally, BMO Capital Markets initiated coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price for the company. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus price target of $36.64.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $32.72 on Friday. The company has a 50 day moving average of $31.70 and a 200 day moving average of $30.42. The stock has a market cap of $18.19 billion, a P/E ratio of 8.65, a P/E/G ratio of 0.43 and a beta of 0.94. Corebridge Financial, Inc. has a 12 month low of $23.77 and a 12 month high of $34.66. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16.

Corebridge Financial (NYSE:CRBG) last released 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%. As a group, sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

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

Insiders Place Their Bets

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

Corebridge Financial Company Profile

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.