Corebridge Financial, Inc. $CRBG Shares Bought by Legal & General Group Plc

Legal & General Group Plc grew its position in Corebridge Financial, Inc. (NYSE:CRBG) by 14.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 901,557 shares of the company’s stock after purchasing an additional 114,439 shares during the quarter. Legal & General Group Plc’s holdings in Corebridge Financial were worth $27,200,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Pzena Investment Management LLC lifted its stake in Corebridge Financial by 19.3% during the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock worth $715,651,000 after purchasing an additional 3,605,498 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Corebridge Financial in the 3rd quarter valued at $69,738,000. Vanguard Group Inc. grew its position in shares of Corebridge Financial by 7.2% in the 3rd quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after buying an additional 1,805,819 shares during the last quarter. Marshall Wace LLP grew its position in shares of Corebridge Financial by 16,388.6% in the 3rd quarter. Marshall Wace LLP now owns 1,525,031 shares of the company’s stock valued at $48,877,000 after buying an additional 1,515,782 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Corebridge Financial by 229.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after acquiring an additional 905,918 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. UBS Group decreased their price objective on shares of Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a research note on Tuesday, April 28th. Piper Sandler reduced their target price on Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a report on Tuesday, May 26th. Mizuho upped their target price on Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Weiss Ratings downgraded Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Finally, Morgan Stanley decreased their price objective on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a report on Tuesday, March 3rd. Nine investment 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. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.17.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $26.97 on Monday. The company has a market cap of $12.32 billion, a P/E ratio of 49.03, a price-to-earnings-growth ratio of 0.29 and a beta of 1.14. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $36.57. The business has a fifty day moving average of $25.91 and a two-hundred day moving average of $28.12. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The company had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter in the prior year, the business earned $1.16 EPS. As a group, analysts predict that Corebridge Financial, Inc. will post 4.89 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 181.82%.

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.