Corebridge Financial, Inc. (NYSE:CRBG) Shares Acquired by Franklin Resources Inc.

Franklin Resources Inc. increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 185.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,209,884 shares of the company’s stock after purchasing an additional 786,230 shares during the period. Franklin Resources Inc. owned 0.21% of Corebridge Financial worth $36,212,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Nippon Life Insurance Co. bought a new position in shares of Corebridge Financial during the 4th quarter valued at about $3,650,151,000. Vanguard Group Inc. lifted its stake in Corebridge Financial by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company’s stock valued at $716,083,000 after purchasing an additional 711,857 shares during the last quarter. Norges Bank acquired a new stake in Corebridge Financial during the fourth quarter valued at approximately $283,212,000. State Street Corp boosted its holdings in Corebridge Financial by 11.7% during the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after buying an additional 843,559 shares in the last quarter. Finally, Clearbridge Investments LLC grew its position in Corebridge Financial by 23.3% in the fourth quarter. Clearbridge Investments LLC now owns 5,305,120 shares of the company’s stock worth $158,782,000 after buying an additional 1,001,848 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CRBG shares. Piper Sandler increased their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday. 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. Morgan Stanley upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $35.00 to $43.00 in a report on Friday, February 28th. Wells Fargo & Company raised their target price 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. Finally, BMO Capital Markets assumed coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $25.62 on Friday. Corebridge Financial, Inc. has a fifty-two week low of $23.97 and a fifty-two week high of $35.36. The stock’s 50-day moving average is $32.48 and its two-hundred day moving average is $31.32. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a market cap of $14.25 billion, a P/E ratio of 6.78, a PEG ratio of 0.43 and a beta of 0.98.

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

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 3.75%. Corebridge Financial’s dividend payout ratio is currently 25.40%.

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.