Clearbridge Investments LLC Raises Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Clearbridge Investments LLC boosted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 23.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,305,120 shares of the company’s stock after purchasing an additional 1,001,848 shares during the quarter. Clearbridge Investments LLC owned approximately 0.93% of Corebridge Financial worth $158,782,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Public Employees Retirement System of Ohio raised its position in shares of Corebridge Financial by 11.3% in the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock worth $4,871,000 after buying an additional 16,970 shares in the last quarter. Virtu Financial LLC bought a new position in Corebridge Financial in the 3rd quarter worth about $581,000. New York Life Investment Management LLC purchased a new stake in shares of Corebridge Financial in the 4th quarter valued at about $781,000. State Street Corp boosted its position in shares of Corebridge Financial by 11.7% during the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after acquiring an additional 843,559 shares during the last quarter. Finally, First Hawaiian Bank bought a new position in shares of Corebridge Financial in the fourth quarter worth approximately $1,168,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

CRBG has been the subject of several research analyst reports. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and upped their target price for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Piper Sandler raised their price target 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 initiated coverage on Corebridge Financial in a research note on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target for the company. Finally, Morgan Stanley raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and raised their price objective for the company 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, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.29.

Corebridge Financial Trading Down 2.8 %

NYSE:CRBG opened at $31.34 on Monday. The firm has a market capitalization of $17.42 billion, a P/E ratio of 8.29, a P/E/G ratio of 0.43 and a beta of 0.92. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The company has a fifty day moving average of $32.74 and a 200 day moving average of $31.26. Corebridge Financial, Inc. has a 52 week low of $23.97 and a 52 week high of $35.36.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. On average, research analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.24 per share. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend is Monday, March 17th. Corebridge Financial’s payout ratio is presently 25.40%.

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.