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

Clearbridge Investments LLC increased its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 681.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 4,248,529 shares of the company’s stock after acquiring an additional 3,705,181 shares during the period. Clearbridge Investments LLC owned about 0.67% of Corebridge Financial worth $92,023,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of CRBG. EverSource Wealth Advisors LLC bought a new stake in shares of Corebridge Financial during the third quarter valued at approximately $28,000. Vestor Capital LLC bought a new stake in Corebridge Financial during the 4th quarter valued at $43,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Corebridge Financial in the 3rd quarter worth $55,000. Headlands Technologies LLC bought a new position in shares of Corebridge Financial during the 4th quarter worth $65,000. Finally, Loomis Sayles & Co. L P grew its position in shares of Corebridge Financial by 1,450.9% during the 3rd quarter. Loomis Sayles & Co. L P now owns 6,576 shares of the company’s stock worth $130,000 after buying an additional 6,152 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

NYSE CRBG opened at $31.00 on Wednesday. The stock has a market capitalization of $18.96 billion, a price-to-earnings ratio of 8.16, a PEG ratio of 0.33 and a beta of 0.96. The stock has a 50-day moving average of $28.02 and a 200 day moving average of $24.54. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. Corebridge Financial, Inc. has a twelve month low of $16.13 and a twelve month high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Friday, May 3rd. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.05 by $0.05. The company had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.50 billion. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. During the same quarter in the previous year, the firm earned $0.97 EPS. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.95 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Friday, June 14th. Corebridge Financial’s payout ratio is 24.21%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, May 10th. Evercore ISI upped their price objective on Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, April 11th. Piper Sandler lifted their target price on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, May 6th. Keefe, Bruyette & Woods boosted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Finally, Morgan Stanley raised their price target on shares of Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $29.25.

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.