Magnetar Financial LLC Acquires New Position in Corebridge Financial, Inc. (NYSE:CRBG)

Magnetar Financial 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 40,141 shares of the company's stock, valued at approximately $1,201,000.

Other institutional investors have also modified their holdings of the company. Public Employees Retirement System of Ohio increased its position in Corebridge Financial by 11.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company's stock valued at $4,871,000 after buying an additional 16,970 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Corebridge Financial during the third quarter valued at about $581,000. New York Life Investment Management LLC purchased a new position in shares of Corebridge Financial in the 4th quarter valued at approximately $781,000. State Street Corp boosted its stake in 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 in the last quarter. Finally, Qsemble Capital Management LP purchased a new stake in Corebridge Financial during the 3rd quarter worth approximately $2,370,000. 98.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CRBG shares. TD Cowen boosted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Wells Fargo & Company increased their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. Barclays raised Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 target price for the company in a report on Monday, January 6th. Morgan Stanley upgraded shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $35.00 to $43.00 in a report on Friday, February 28th. Finally, BMO Capital Markets assumed coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and thirteen have given 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.

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Corebridge Financial Price Performance

Shares of NYSE:CRBG traded down $0.38 during trading on Wednesday, reaching $32.86. 1,775,255 shares of the company's stock traded hands, compared to its average volume of 3,466,826. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial, Inc. has a fifty-two week low of $23.97 and a fifty-two week high of $35.36. The company has a 50-day simple moving average of $32.70 and a 200-day simple moving average of $31.15. The firm has a market cap of $18.27 billion, a PE ratio of 8.69, a P/E/G ratio of 0.43 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced 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 return on equity of 22.69% and a net margin of 11.39%. As a group, analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, March 17th. This is a boost from Corebridge Financial's previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 2.92%. Corebridge Financial's dividend payout ratio is currently 25.40%.

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.