Charles Schwab Investment Management Inc. Purchases 193,445 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Charles Schwab Investment Management Inc. increased its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 11.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,931,608 shares of the company's stock after buying an additional 193,445 shares during the period. Charles Schwab Investment Management Inc. owned 0.34% of Corebridge Financial worth $57,813,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC bought a new stake in Corebridge Financial during the fourth quarter worth approximately $27,000. Smartleaf Asset Management LLC lifted its position in Corebridge Financial by 112.4% in 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 during the period. FNY Investment Advisers LLC bought a new position in Corebridge Financial in the fourth quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Corebridge Financial in the third quarter worth $27,000. Finally, Covestor Ltd lifted its position in Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company's stock worth $31,000 after purchasing an additional 570 shares during the period. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Stock Up 4.0 %

Shares of NYSE:CRBG traded up $1.23 during mid-day trading on Friday, hitting $31.78. 1,836,125 shares of the company traded hands, compared to its average volume of 3,537,644. The stock has a market cap of $17.67 billion, a P/E ratio of 8.41, a P/E/G ratio of 0.43 and a beta of 0.92. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial, Inc. has a 12-month low of $23.97 and a 12-month high of $35.36. The stock has a 50-day moving average price of $32.42 and a two-hundred day moving average price of $30.93.

Remove Ads

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its 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%. On average, equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.02%. This is a boost from Corebridge Financial's previous quarterly dividend of $0.23. The ex-dividend date is Monday, March 17th. Corebridge Financial's payout ratio is presently 25.40%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CRBG. Wells Fargo & Company raised their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. 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 report on Monday, January 6th. BMO Capital Markets initiated coverage on Corebridge Financial in a research report on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 price objective for the company. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a "hold" rating to a "buy" rating and boosted their price objective for the company from $33.00 to $40.00 in a research report on Friday, January 10th. Finally, TD Cowen upped their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Corebridge Financial currently has a consensus rating of "Moderate Buy" and a consensus target price 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.