Sierra Summit Advisors LLC Acquires 42,865 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Sierra Summit Advisors LLC grew its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 14.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 338,471 shares of the company’s stock after buying an additional 42,865 shares during the quarter. Corebridge Financial accounts for about 2.0% of Sierra Summit Advisors LLC’s holdings, making the stock its 19th biggest position. Sierra Summit Advisors LLC owned approximately 0.06% of Corebridge Financial worth $10,130,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CRBG. Public Employees Retirement System of Ohio lifted its stake in Corebridge Financial by 11.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock valued at $4,871,000 after acquiring an additional 16,970 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter worth $581,000. New York Life Investment Management LLC purchased a new stake in shares of Corebridge Financial in the fourth quarter valued at about $781,000. State Street Corp lifted 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 valued at $234,313,000 after purchasing an additional 843,559 shares in the last quarter. Finally, First Hawaiian Bank purchased a new position in Corebridge Financial during the fourth quarter worth about $1,168,000. 98.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CRBG has been the subject of a number of recent analyst reports. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price objective for the company. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a report on Monday, January 6th. Wells Fargo & Company lifted their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. UBS Group cut Corebridge Financial from a “buy” rating to a “sell” rating and cut their price objective for the stock from $40.00 to $28.00 in a research report on Wednesday, April 2nd. Finally, Morgan Stanley raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $35.00 to $43.00 in a research report on Friday, February 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $25.62 on Monday. The firm has a market capitalization of $14.25 billion, a PE ratio of 6.78, a P/E/G ratio of 0.43 and a beta of 0.98. 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 50-day moving average price of $32.48 and a two-hundred day moving average price of $31.35. Corebridge Financial, Inc. has a twelve month low of $23.97 and a twelve month high of $35.36.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share 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%. Equities analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.75%. 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%.

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.