Ieq Capital LLC Boosts Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Ieq Capital LLC grew its position in Corebridge Financial, Inc. (NYSE:CRBG) by 311.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,541 shares of the company’s stock after acquiring an additional 34,467 shares during the quarter. Ieq Capital LLC’s holdings in Corebridge Financial were worth $1,363,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CRBG. New York State Common Retirement Fund boosted its position in Corebridge Financial by 9.4% during the fourth quarter. New York State Common Retirement Fund now owns 159,882 shares of the company’s stock worth $4,785,000 after acquiring an additional 13,700 shares during the last quarter. Kestra Investment Management LLC acquired a new position in shares of Corebridge Financial during the 4th quarter worth approximately $316,000. D.A. Davidson & CO. grew its position in shares of Corebridge Financial by 166.9% in the fourth quarter. D.A. Davidson & CO. now owns 32,825 shares of the company’s stock valued at $982,000 after purchasing an additional 20,525 shares in the last quarter. Truist Financial Corp increased its holdings in shares of Corebridge Financial by 656.7% in the fourth quarter. Truist Financial Corp now owns 55,831 shares of the company’s stock valued at $1,671,000 after purchasing an additional 48,453 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its position in Corebridge Financial by 9.3% during the fourth quarter. CIBC Asset Management Inc now owns 21,394 shares of the company’s stock worth $640,000 after buying an additional 1,815 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRBG has been the subject of several analyst reports. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. BMO Capital Markets began coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price objective for the company. Piper Sandler lifted their target price 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. Morgan Stanley increased their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Wells Fargo & Company raised their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.64.

Insiders Place Their Bets

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

Corebridge Financial Price Performance

CRBG stock opened at $32.63 on Tuesday. The business’s fifty day moving average price is $31.74 and its 200 day moving average price is $30.50. Corebridge Financial, Inc. has a 12-month low of $23.77 and a 12-month high of $34.66. The company has a market capitalization of $18.14 billion, a PE ratio of 8.63, a P/E/G ratio of 0.43 and a beta of 0.94. 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 issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (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%. On average, sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.94%. The ex-dividend date is Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio (DPR) is currently 24.34%.

About Corebridge Financial

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.