Clearbridge Investments LLC Raises Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Clearbridge Investments LLC grew its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 23.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,305,120 shares of the company's stock after buying an additional 1,001,848 shares during the period. Clearbridge Investments LLC owned 0.93% of Corebridge Financial worth $158,782,000 at the end of the most recent quarter.

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

Corebridge Financial Stock Up 1.2 %

Corebridge Financial stock traded up $0.39 during mid-day trading on Wednesday, reaching $31.98. 4,202,567 shares of the company's stock were exchanged, compared to its average volume of 3,565,823. The company has a fifty day moving average of $32.72 and a 200-day moving average of $31.32. The company has a market cap of $17.78 billion, a P/E ratio of 8.46, a P/E/G ratio of 0.43 and a beta of 0.92. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial, Inc. has a twelve month low of $23.97 and a twelve month high of $35.36.

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Corebridge Financial (NYSE:CRBG - Get Free Report) last released 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%. Sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend was Monday, March 17th. This is a positive change from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's dividend payout ratio (DPR) is 25.40%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CRBG. Barclays raised Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price objective on the stock in a report on Monday, January 6th. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 target price for the company. Morgan Stanley raised shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $35.00 to $43.00 in a report on Friday, February 28th. Finally, UBS Group lowered Corebridge Financial from a "buy" rating to a "sell" rating and reduced their price objective for the company from $40.00 to $28.00 in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Corebridge Financial has an average rating of "Moderate Buy" and an average target price of $37.00.

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.