Sumitomo Mitsui Trust Group Inc. Boosts Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 4.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 504,261 shares of the company's stock after purchasing an additional 20,783 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.09% of Corebridge Financial worth $15,093,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CRBG. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Corebridge Financial during the third quarter worth $27,000. Fortitude Family Office LLC acquired a new stake in shares of Corebridge Financial during the fourth quarter worth $27,000. FNY Investment Advisers LLC acquired a new stake in shares of Corebridge Financial during the fourth quarter worth $27,000. Capital Performance Advisors LLP acquired a new stake in shares of Corebridge Financial during the third quarter worth $28,000. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Corebridge Financial during the third quarter worth $29,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

Corebridge Financial stock traded up $1.07 during midday trading on Friday, reaching $33.09. 4,354,899 shares of the company were exchanged, compared to its average volume of 3,110,450. The company has a market capitalization of $18.82 billion, a price-to-earnings ratio of -15.83, a P/E/G ratio of 0.37 and a beta of 0.94. The firm's 50-day simple moving average is $31.42 and its 200-day simple moving average is $30.19. Corebridge Financial, Inc. has a 1 year low of $23.77 and a 1 year high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted 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 positive return on equity of 22.24% and a negative net margin of 6.10%. On average, analysts anticipate that Corebridge Financial, Inc. will post 4.8 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Monday, March 17th. This is a boost from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's dividend payout ratio (DPR) is currently -44.02%.

Analyst Ratings Changes

A number of research firms have commented on CRBG. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a "hold" rating to a "buy" rating and raised their target price for the company from $33.00 to $40.00 in a report on Friday, January 10th. DOWLING & PARTN downgraded Corebridge Financial from a "strong-buy" rating to a "hold" rating in a report on Tuesday, November 26th. TD Cowen raised their target price on Corebridge Financial from $35.00 to $37.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Wells Fargo & Company reduced their target price on Corebridge Financial from $37.00 to $35.00 and set an "overweight" rating for the company in a report on Tuesday, January 14th. Finally, Morgan Stanley raised their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.43.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares in the company, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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.