Allianz Asset Management GmbH Cuts Holdings in Corebridge Financial, Inc. $CRBG

Allianz Asset Management GmbH reduced its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 47.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 248,945 shares of the company’s stock after selling 223,154 shares during the quarter. Allianz Asset Management GmbH’s holdings in Corebridge Financial were worth $7,979,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Pzena Investment Management LLC lifted its position in Corebridge Financial by 132.6% during the second quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock valued at $664,691,000 after acquiring an additional 10,673,099 shares during the last quarter. Norges Bank acquired a new position in shares of Corebridge Financial during the second quarter valued at about $145,632,000. Goldman Sachs Group Inc. raised its position in shares of Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after purchasing an additional 905,918 shares during the last quarter. Bank of America Corp DE boosted its stake in Corebridge Financial by 42.8% in the 2nd quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock worth $102,403,000 after purchasing an additional 864,946 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Corebridge Financial by 113.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,272,797 shares of the company’s stock valued at $45,195,000 after purchasing an additional 677,111 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRBG has been the topic of a number of recent research reports. Wells Fargo & Company dropped their target price on Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Weiss Ratings lowered Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. JPMorgan Chase & Co. cut their price target on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Monday, January 5th. Morgan Stanley restated an “equal weight” rating and set a $33.00 price target (down previously from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Finally, Evercore decreased their price target on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 5th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $37.70.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $31.27 on Tuesday. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a market capitalization of $16.27 billion, a P/E ratio of 18.61, a P/E/G ratio of 0.44 and a beta of 1.04. The company’s fifty day moving average price is $30.58 and its 200 day moving average price is $31.76.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, February 9th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The firm had revenue of $6.34 billion during the quarter, compared to the consensus estimate of $5.02 billion. During the same quarter in the prior year, the firm earned $1.06 EPS. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s payout ratio is currently 57.14%.

Corebridge Financial Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.