Bank of New York Mellon Corp Has $35.04 Million Position in Corebridge Financial, Inc. (NYSE:CRBG)

Bank of New York Mellon Corp lowered its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 58.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,170,550 shares of the company's stock after selling 1,618,626 shares during the quarter. Bank of New York Mellon Corp owned 0.21% of Corebridge Financial worth $35,035,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Fortitude Family Office LLC acquired a new stake in shares of Corebridge Financial during the fourth quarter valued at approximately $27,000. FNY Investment Advisers LLC purchased a new stake in Corebridge Financial in the 4th quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Corebridge Financial in the 3rd quarter worth approximately $27,000. Capital Performance Advisors LLP purchased a new stake in Corebridge Financial in the 3rd quarter worth approximately $28,000. Finally, Covestor Ltd lifted its position 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 buying an additional 570 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Stock Performance

NYSE:CRBG traded down $0.02 during midday trading on Friday, reaching $32.05. The stock had a trading volume of 3,439,556 shares, compared to its average volume of 3,081,108. Corebridge Financial, Inc. has a 1-year low of $23.97 and a 1-year high of $35.36. The firm's fifty day simple moving average is $32.33 and its 200-day simple moving average is $30.82. 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 stock has a market capitalization of $17.82 billion, a P/E ratio of 8.48, a PEG ratio of 0.43 and a beta of 0.92.

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Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. On average, equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently announced 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 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 3.00%. Corebridge Financial's dividend payout ratio (DPR) is presently 25.40%.

Analysts Set New Price Targets

CRBG has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and increased their target price for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Barclays upgraded shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 target price for the company in a research report on Monday, January 6th. Piper Sandler increased their target price 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. 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 target price for the company. Finally, TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $37.29.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the firm's 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 directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.08% of the stock is currently owned by company insiders.

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.