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

Clearbridge Investments LLC raised its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 23.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,305,120 shares of the company’s stock after buying an additional 1,001,848 shares during the quarter. Clearbridge Investments LLC’s holdings in Corebridge Financial were worth $158,782,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CRBG. Nippon Life Insurance Co. purchased a new position in Corebridge Financial during the 4th quarter valued at about $3,650,151,000. Norges Bank bought a new position in shares of Corebridge Financial during the fourth quarter valued at approximately $283,212,000. Pzena Investment Management LLC lifted its holdings in shares of Corebridge Financial by 222.9% during the fourth quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company’s stock valued at $138,829,000 after purchasing an additional 3,202,145 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Corebridge Financial in the 4th quarter worth approximately $31,844,000. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of Corebridge Financial by 34.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock worth $104,032,000 after buying an additional 915,848 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 2.8 %

NYSE:CRBG opened at $31.34 on Monday. The company has a market cap of $17.42 billion, a PE ratio of 8.29, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The company has a 50 day simple moving average of $32.74 and a two-hundred day simple moving average of $31.26. Corebridge Financial, Inc. has a 12 month low of $23.97 and a 12 month high of $35.36.

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

Corebridge Financial Increases Dividend

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

Analyst Ratings Changes

CRBG has been the subject of a number of recent research reports. BMO Capital Markets assumed coverage on Corebridge Financial in a research note on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective for the company. Barclays upgraded 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. Piper Sandler upped their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Finally, Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $35.00 to $43.00 in a report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $37.29.

Corebridge Financial 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.