Allspring Global Investments Holdings LLC Reduces Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Allspring Global Investments Holdings LLC lowered its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 19.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 350,570 shares of the company's stock after selling 85,146 shares during the period. Allspring Global Investments Holdings LLC owned about 0.06% of Corebridge Financial worth $10,643,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Public Employees Retirement System of Ohio boosted its position in Corebridge Financial by 11.3% in the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company's stock worth $4,871,000 after purchasing an additional 16,970 shares during the last quarter. Virtu Financial LLC purchased a new position in Corebridge Financial in the third quarter worth $581,000. State Street Corp boosted its position in Corebridge Financial by 11.7% in the third 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 last quarter. Qsemble Capital Management LP purchased a new position in shares of Corebridge Financial during the 3rd quarter valued at $2,370,000. Finally, First Hawaiian Bank purchased a new position in shares of Corebridge Financial during the 4th quarter valued at $1,168,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Price Performance

NYSE CRBG traded down $0.78 during trading on Friday, reaching $32.72. The company's stock had a trading volume of 2,508,600 shares, compared to its average volume of 3,215,318. The stock has a market capitalization of $18.19 billion, a PE ratio of 8.65, a P/E/G ratio of 0.42 and a beta of 0.94. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a fifty day moving average of $31.66 and a 200 day moving average of $30.33. Corebridge Financial, Inc. has a one year low of $23.77 and a one year high of $34.66.

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 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%. Analysts expect that Corebridge Financial, Inc. will post 5.45 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.24 dividend. This is a positive change from Corebridge Financial's previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date is Monday, March 17th. Corebridge Financial's dividend payout ratio is currently 24.34%.

Analysts Set New Price Targets

A number of research analysts have recently commented on CRBG shares. DOWLING & PARTN cut Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Barclays raised Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price target on the stock in a research report on Monday, January 6th. Wells Fargo & Company upped their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a "hold" rating to a "buy" rating and upped their price target for the company from $33.00 to $40.00 in a research report on Friday, January 10th. Finally, Piper Sandler boosted their price objective on Corebridge Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $36.64.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.08% of the company's stock.

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.