New York Life Investment Management LLC purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 26,080 shares of the company's stock, valued at approximately $781,000.
A number of other institutional investors have also modified their holdings of CRBG. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Corebridge Financial in the 3rd quarter worth approximately $27,000. Fortitude Family Office LLC acquired a new stake in Corebridge Financial in the 4th quarter worth approximately $27,000. FNY Investment Advisers LLC acquired a new stake in Corebridge Financial in the 4th quarter worth approximately $27,000. Capital Performance Advisors LLP acquired a new stake in Corebridge Financial in the 3rd quarter worth approximately $28,000. Finally, Covestor Ltd boosted its stake in Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company's stock worth $31,000 after purchasing an additional 570 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.
Insider Activity at Corebridge Financial
In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the sale, the insider now owns 127,282,642 shares of the company's stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.08% of the stock is owned by corporate insiders.
Corebridge Financial Stock Performance
Shares of NYSE:CRBG traded down $0.02 during trading on Friday, hitting $32.05. 3,439,556 shares of the stock traded hands, compared to its average volume of 3,081,108. 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 company has a market cap of $17.82 billion, a price-to-earnings ratio of 8.48, a P/E/G ratio of 0.43 and a beta of 0.92. The company has a fifty day moving average price of $32.33 and a two-hundred day moving average price of $30.82. Corebridge Financial, Inc. has a 52-week low of $23.97 and a 52-week high of $35.36.
Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. As a group, equities analysts predict 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 will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.24 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a yield of 3.00%. This is a boost from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's dividend payout ratio (DPR) is currently 25.40%.
Analyst Upgrades and Downgrades
A number of analysts recently commented on CRBG shares. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and lifted their target price for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. TD Cowen lifted their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Morgan Stanley raised shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $35.00 to $43.00 in a research report on Friday, February 28th. Piper Sandler raised their price target 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. Finally, BMO Capital Markets assumed coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price target for the company. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $37.29.
Check Out Our Latest Stock Report on CRBG
About Corebridge Financial
(
Free Report)
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.
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