Norges Bank Takes Position in Corebridge Financial, Inc. (NYSE:CRBG)

Norges Bank bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,462,475 shares of the company’s stock, valued at approximately $283,212,000. Norges Bank owned 1.66% of Corebridge Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in CRBG. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Corebridge Financial in the 3rd quarter valued at approximately $27,000. Fortitude Family Office LLC purchased a new position in Corebridge Financial in the fourth quarter valued at $27,000. FNY Investment Advisers LLC acquired a new stake in Corebridge Financial in the fourth quarter valued at $27,000. Smartleaf Asset Management LLC lifted its holdings in Corebridge Financial by 112.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after buying an additional 480 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Corebridge Financial by 183.2% during the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock worth $33,000 after acquiring an additional 729 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Down 2.8 %

NYSE:CRBG opened at $31.34 on Friday. Corebridge Financial, Inc. has a 12-month low of $23.97 and a 12-month high of $35.36. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock’s 50 day simple moving average is $32.74 and its 200-day simple moving average is $31.23. The firm has a market cap of $17.42 billion, a P/E ratio of 8.29, a PEG ratio of 0.43 and a beta of 0.92.

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

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.24 per share. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Monday, March 17th. Corebridge Financial’s dividend payout ratio is currently 25.40%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and raised their target price for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Wells Fargo & Company increased their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $35.00 to $43.00 in a research report on Friday, February 28th. Finally, BMO Capital Markets initiated coverage on Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 target price on the stock. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $37.29.

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.