Massachusetts Financial Services Co. MA Sells 163,915 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Massachusetts Financial Services Co. MA decreased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,319,941 shares of the company’s stock after selling 163,915 shares during the period. Massachusetts Financial Services Co. MA owned about 1.81% of Corebridge Financial worth $308,876,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRBG. Cerity Partners LLC boosted its stake in shares of Corebridge Financial by 104.4% in the 3rd quarter. Cerity Partners LLC now owns 21,595 shares of the company’s stock worth $630,000 after buying an additional 11,029 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Corebridge Financial by 3.4% in the third quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after purchasing an additional 732 shares during the last quarter. FMR LLC grew its stake in shares of Corebridge Financial by 13.5% during the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company’s stock valued at $146,678,000 after purchasing an additional 598,373 shares during the period. D.A. Davidson & CO. purchased a new stake in shares of Corebridge Financial during the 3rd quarter valued at about $359,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Corebridge Financial by 79.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,836 shares of the company’s stock worth $1,628,000 after purchasing an additional 24,724 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Up 1.2 %

Shares of Corebridge Financial stock opened at $31.98 on Thursday. Corebridge Financial, Inc. has a twelve month low of $23.97 and a twelve month high of $35.36. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $32.71 and a 200-day moving average price of $31.32. The firm has a market cap of $17.78 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 0.43 and a beta of 0.92.

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

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.00%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Monday, March 17th. Corebridge Financial’s dividend payout ratio is currently 25.40%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CRBG. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their target price for the company from $33.00 to $40.00 in a research report on Friday, January 10th. Piper Sandler upped their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday. Morgan Stanley raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $35.00 to $43.00 in a report on Friday, February 28th. Wells Fargo & Company boosted their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Finally, BMO Capital Markets initiated coverage on Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Corebridge Financial Company 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.