Algebris UK Ltd Grows Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Algebris UK Ltd lifted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 21.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 849,352 shares of the company's stock after buying an additional 148,971 shares during the quarter. Corebridge Financial comprises approximately 6.2% of Algebris UK Ltd's investment portfolio, making the stock its 5th biggest holding. Algebris UK Ltd owned about 0.15% of Corebridge Financial worth $24,552,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Oppenheimer & Co. Inc. bought a new position in Corebridge Financial in the third quarter valued at approximately $423,000. CIBC Asset Management Inc lifted its stake in Corebridge Financial by 4.2% in the third quarter. CIBC Asset Management Inc now owns 19,579 shares of the company's stock valued at $571,000 after buying an additional 793 shares in the last quarter. Swiss National Bank lifted its stake in Corebridge Financial by 10.3% in the third quarter. Swiss National Bank now owns 812,665 shares of the company's stock valued at $23,697,000 after buying an additional 75,600 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Corebridge Financial in the third quarter valued at approximately $4,753,000. Finally, Ontario Teachers Pension Plan Board lifted its stake in Corebridge Financial by 28.5% in the third quarter. Ontario Teachers Pension Plan Board now owns 21,739 shares of the company's stock valued at $634,000 after buying an additional 4,822 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

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Analyst Ratings Changes

A number of brokerages have weighed in on CRBG. Morgan Stanley raised shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $35.00 to $43.00 in a research note on Friday, February 28th. Piper Sandler boosted their price objective 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. Barclays raised shares of 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. DOWLING & PARTN lowered shares of Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Finally, BMO Capital Markets initiated coverage on shares of Corebridge Financial in a research 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 issued a buy rating to the company. According to data from MarketBeat, Corebridge Financial has an average rating of "Moderate Buy" and a consensus target price of $37.29.

Corebridge Financial Price Performance

Shares of CRBG stock traded down $0.12 during trading on Friday, hitting $32.36. The company had a trading volume of 9,303,830 shares, compared to its average volume of 3,495,794. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a market capitalization of $17.99 billion, a P/E ratio of 8.56, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92. The stock's 50-day moving average price is $32.56 and its 200 day moving average price is $31.06. Corebridge Financial, Inc. has a one year low of $23.97 and a one year high of $35.36.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) 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%. Equities analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.24 per share. The ex-dividend date is Monday, March 17th. This is an increase from Corebridge Financial's previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 2.97%. Corebridge Financial's dividend payout ratio is 25.40%.

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.