Kepler Cheuvreux Suisse SA Purchases New Stake in Corebridge Financial, Inc. $CRBG

Kepler Cheuvreux Suisse SA acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 45,757 shares of the company’s stock, valued at approximately $1,092,000.

Several other institutional investors and hedge funds also recently bought and sold shares of CRBG. Investors Asset Management of Georgia Inc. GA ADV purchased a new stake in shares of Corebridge Financial in the first quarter worth approximately $237,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Corebridge Financial by 36.6% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 110,659 shares of the company’s stock valued at $2,640,000 after purchasing an additional 29,650 shares in the last quarter. Sound Income Strategies LLC increased its stake in Corebridge Financial by 55.3% in the 1st quarter. Sound Income Strategies LLC now owns 536,046 shares of the company’s stock valued at $12,935,000 after buying an additional 190,867 shares during the period. Pzena Investment Management LLC increased its stake in Corebridge Financial by 14.4% in the 1st quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock valued at $645,313,000 after buying an additional 3,413,384 shares during the period. Finally, Janney Montgomery Scott LLC purchased a new stake in Corebridge Financial in the 1st quarter worth approximately $343,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CRBG shares. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. cut their price objective on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, May 12th. Bank of America reduced their price objective on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Weiss Ratings downgraded Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Finally, Wells Fargo & Company upped their target price on Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus target price of $34.36.

Corebridge Financial Stock Performance

Shares of CRBG opened at $29.74 on Friday. The company’s fifty day moving average is $27.71 and its 200-day moving average is $27.91. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.57. The firm has a market cap of $13.26 billion, a price-to-earnings ratio of 54.07, a price-to-earnings-growth ratio of 0.33 and a beta of 1.10. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The business had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same quarter in the prior year, the business posted $1.16 EPS. Equities analysts expect that Corebridge Financial, Inc. will post 4.75 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.4%. The ex-dividend date was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is 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.