Corebridge Financial, Inc. $CRBG Position Boosted by Vanguard Group Inc.

Vanguard Group Inc. lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 7.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,831,915 shares of the company’s stock after purchasing an additional 1,805,819 shares during the quarter. Vanguard Group Inc. owned 5.16% of Corebridge Financial worth $859,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in CRBG. LSV Asset Management increased its stake in Corebridge Financial by 2.1% in the 3rd quarter. LSV Asset Management now owns 4,685,535 shares of the company’s stock valued at $150,171,000 after buying an additional 98,435 shares during the period. Norges Bank acquired a new position in shares of Corebridge Financial in the second quarter worth $145,632,000. Donald Smith & CO. Inc. boosted its position in Corebridge Financial by 1.8% during the second quarter. Donald Smith & CO. Inc. now owns 4,083,348 shares of the company’s stock valued at $144,959,000 after purchasing an additional 72,664 shares during the last quarter. Bank of America Corp DE boosted its position in Corebridge Financial by 42.8% during the second quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock valued at $102,403,000 after purchasing an additional 864,946 shares during the last quarter. Finally, Truist Financial Corp grew its stake in Corebridge Financial by 12.1% in the third quarter. Truist Financial Corp now owns 1,940,613 shares of the company’s stock valued at $62,197,000 after purchasing an additional 209,671 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Down 1.5%

CRBG opened at $29.62 on Monday. The company has a market capitalization of $14.27 billion, a P/E ratio of -55.88, a P/E/G ratio of 0.39 and a beta of 1.04. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. The firm’s fifty day moving average price is $30.63 and its two-hundred day moving average price is $31.48. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, February 9th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The company had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $5.02 billion. During the same quarter in the prior year, the company posted $1.06 EPS. On average, analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 3.4%. Corebridge Financial’s dividend payout ratio (DPR) is presently -181.13%.

Analyst Ratings Changes

A number of research firms recently commented on CRBG. Zacks Research downgraded Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 27th. Evercore lowered their price target on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. UBS Group lowered their target price on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Mizuho started coverage on Corebridge Financial in a report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price target for the company. Finally, Weiss Ratings lowered shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $37.60.

About Corebridge Financial

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.