Corebridge Financial, Inc. (NYSE:CRBG) Holdings Decreased by American International Group Inc.

American International Group Inc. decreased its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 54.4% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 127,282,642 shares of the company's stock after selling 151,956,256 shares during the period. Corebridge Financial makes up about 92.0% of American International Group Inc.'s investment portfolio, making the stock its largest position. American International Group Inc. owned 22.37% of Corebridge Financial worth $3,809,569,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Corebridge Financial in the third quarter valued at about $27,000. Fortitude Family Office LLC purchased a new stake in shares of Corebridge Financial during the fourth quarter valued at approximately $27,000. FNY Investment Advisers LLC acquired a new position in shares of Corebridge Financial during the fourth quarter worth $27,000. Smartleaf Asset Management LLC lifted its position in shares of Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock worth $27,000 after purchasing an additional 480 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in Corebridge Financial by 183.2% during the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company's stock valued at $33,000 after purchasing an additional 729 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

Shares of NYSE CRBG traded down $0.89 during mid-day trading on Friday, reaching $31.34. 840,094 shares of the company traded hands, compared to its average volume of 3,580,148. Corebridge Financial, Inc. has a fifty-two week low of $23.97 and a fifty-two week high of $35.36. The firm has a market cap of $17.43 billion, a PE ratio of 8.28, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92. The stock has a fifty day simple moving average of $32.75 and a 200-day simple moving average of $31.17. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13.

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Corebridge Financial (NYSE:CRBG - Get Free Report) last posted 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 return on equity of 22.69% and a net margin of 11.39%. Equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, March 17th. 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 3.06%. Corebridge Financial's dividend payout ratio is currently 25.40%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. BMO Capital Markets began 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 for the company. Piper Sandler increased their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a "hold" rating to a "buy" rating and raised their price objective for the company from $33.00 to $40.00 in a research note on Friday, January 10th. Barclays upgraded Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 target price for the company in a research note on Monday, January 6th. Finally, Morgan Stanley upgraded shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $35.00 to $43.00 in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $37.29.

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.