Franklin Resources Inc. Grows Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Franklin Resources Inc. increased its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 185.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,209,884 shares of the company's stock after purchasing an additional 786,230 shares during the period. Franklin Resources Inc. owned approximately 0.21% of Corebridge Financial worth $36,212,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Corebridge Financial in the 3rd quarter worth approximately $27,000. Fortitude Family Office LLC purchased a new stake in Corebridge Financial during the fourth quarter worth $27,000. FNY Investment Advisers LLC acquired a new stake in Corebridge Financial during the fourth quarter valued at $27,000. Smartleaf Asset Management LLC increased its holdings in Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock valued at $27,000 after buying an additional 480 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Corebridge Financial by 183.2% in the fourth 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 period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Trading Down 7.8 %

Shares of CRBG stock traded down $2.24 on Thursday, hitting $26.62. 594,381 shares of the stock traded hands, compared to its average volume of 3,101,936. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $35.36. The firm's 50-day moving average price is $31.80 and its two-hundred day moving average price is $31.26. The stock has a market capitalization of $14.80 billion, a PE ratio of 7.07, a PEG ratio of 0.43 and a beta of 0.98.

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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 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%. As a group, analysts anticipate 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. Shareholders of record on Monday, March 17th were paid a dividend of $0.24 per share. This is a boost from Corebridge Financial's previous quarterly dividend of $0.23. The ex-dividend date was Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 3.61%. Corebridge Financial's dividend payout ratio (DPR) is 25.40%.

Analyst Upgrades and Downgrades

CRBG has been the subject of a number of analyst reports. Wells Fargo & Company upped their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Morgan Stanley upgraded Corebridge Financial from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $35.00 to $43.00 in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a "hold" rating to a "buy" rating and boosted their price target for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Piper Sandler increased 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, April 2nd. Finally, Barclays upgraded shares of 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. One investment 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 data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.93.

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.