Skba Capital Management LLC Lowers Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Skba Capital Management LLC trimmed its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 16.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 515,040 shares of the company's stock after selling 103,500 shares during the quarter. Corebridge Financial accounts for 2.4% of Skba Capital Management LLC's portfolio, making the stock its 9th largest position. Skba Capital Management LLC owned approximately 0.09% of Corebridge Financial worth $15,415,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in CRBG. Nippon Life Insurance Co. bought a new position in Corebridge Financial in the fourth quarter valued at approximately $3,650,151,000. Vanguard Group Inc. raised its holdings in shares of Corebridge Financial by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company's stock worth $716,083,000 after acquiring an additional 711,857 shares during the period. Norges Bank bought a new stake in Corebridge Financial in the 4th quarter valued at $283,212,000. State Street Corp boosted its stake in Corebridge Financial by 11.7% in the 3rd 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 period. Finally, Clearbridge Investments LLC increased its holdings in Corebridge Financial by 23.3% during the 4th quarter. Clearbridge Investments LLC now owns 5,305,120 shares of the company's stock worth $158,782,000 after purchasing an additional 1,001,848 shares in the last quarter. Institutional investors own 98.25% of the company's stock.

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Corebridge Financial Stock Performance

Shares of NYSE CRBG traded up $0.39 during midday trading on Wednesday, hitting $31.98. 4,202,567 shares of the company's stock were exchanged, compared to its average volume of 3,565,823. Corebridge Financial, Inc. has a 12 month low of $23.97 and a 12 month high of $35.36. The company's 50 day moving average price is $32.72 and its 200 day moving average price is $31.32. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $17.78 billion, a PE ratio of 8.46, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 EPS 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%. As a group, analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

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

Analysts Set New Price Targets

Several research firms have recently weighed in on CRBG. BMO Capital Markets began coverage on Corebridge Financial in a research report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price objective for the company. Barclays raised Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price target for the company in a research report on Monday, January 6th. UBS Group downgraded shares of Corebridge Financial from a "buy" rating to a "sell" rating and lowered their price objective for the company from $40.00 to $28.00 in a report on Wednesday. Wells Fargo & Company increased their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Finally, Piper Sandler boosted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $37.00.

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.