Gator Capital Management LLC Takes Position in Corebridge Financial, Inc. (NYSE:CRBG)

Gator Capital Management LLC acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 248,000 shares of the company's stock, valued at approximately $7,423,000. Corebridge Financial comprises approximately 2.8% of Gator Capital Management LLC's investment portfolio, making the stock its 15th biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in CRBG. Public Employees Retirement System of Ohio raised its position in shares of Corebridge Financial by 11.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company's stock worth $4,871,000 after acquiring an additional 16,970 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Corebridge Financial during the third quarter valued at approximately $581,000. New York Life Investment Management LLC purchased a new stake in Corebridge Financial during the fourth quarter valued at $781,000. State Street Corp lifted its stake in shares of Corebridge Financial by 11.7% in the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company's stock worth $234,313,000 after purchasing an additional 843,559 shares during the period. Finally, First Hawaiian Bank bought a new stake in Corebridge Financial during the fourth quarter valued at approximately $1,168,000. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock traded down $0.29 during trading on Friday, hitting $26.37. 2,550,307 shares of the company's stock were exchanged, compared to its average volume of 3,560,826. The stock has a market capitalization of $14.66 billion, a price-to-earnings ratio of 6.98, a PEG ratio of 0.43 and a beta of 0.98. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $35.36. The business has a 50-day simple moving average of $31.68 and a 200-day simple moving average of $31.25. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results 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 return on equity of 22.69% and a net margin of 11.39%. On average, research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors 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 3.64%. The ex-dividend date was Monday, March 17th. This is an increase from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's dividend payout ratio is 25.40%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CRBG shares. Barclays upgraded Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price objective on the stock in a research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a "hold" rating to a "buy" rating and increased their target price for the company from $33.00 to $40.00 in a research report on Friday, January 10th. Keefe, Bruyette & Woods dropped their target price on Corebridge Financial from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Wednesday. BMO Capital Markets assumed coverage on Corebridge Financial in a report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price objective for the company. Finally, Wells Fargo & Company reduced their price target on Corebridge Financial from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $35.93.

About Corebridge Financial

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.