Wellington Shields & Co. LLC Grows Position in Corebridge Financial, Inc. (NYSE:CRBG)

Wellington Shields & Co. LLC grew its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 100.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,000 shares of the company's stock after buying an additional 10,000 shares during the quarter. Wellington Shields & Co. LLC's holdings in Corebridge Financial were worth $599,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRBG. Janney Montgomery Scott LLC boosted its holdings in Corebridge Financial by 21.5% in the third quarter. Janney Montgomery Scott LLC now owns 37,187 shares of the company's stock worth $1,084,000 after purchasing an additional 6,571 shares during the last quarter. Covestor Ltd boosted its holdings 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 last quarter. Entropy Technologies LP purchased a new stake in Corebridge Financial in the third quarter worth approximately $627,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Corebridge Financial by 1.8% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 483,478 shares of the company's stock worth $14,098,000 after purchasing an additional 8,499 shares during the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new stake in Corebridge Financial in the third quarter worth approximately $423,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

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Wall Street Analyst Weigh In

Several research firms have weighed in on CRBG. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and increased their price target for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Wells Fargo & Company increased 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, February 19th. Piper Sandler increased their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. TD Cowen increased their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th. Finally, BMO Capital Markets began coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 price target on the stock. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $37.29.

Corebridge Financial Price Performance

CRBG traded up $0.41 during trading on Wednesday, hitting $32.58. 2,033,451 shares of the company traded hands, compared to its average volume of 3,518,379. The company has a market cap of $18.11 billion, a PE ratio of 8.62, a P/E/G ratio of 0.43 and a beta of 0.92. The stock's 50-day simple moving average is $32.47 and its two-hundred day simple moving average is $30.99. Corebridge Financial, Inc. has a 1 year low of $23.97 and a 1 year high of $35.36. 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 (NYSE:CRBG - Get Free Report) last issued 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, sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.24 dividend. This is a boost from Corebridge Financial's previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date is Monday, March 17th. Corebridge Financial's dividend payout ratio (DPR) is presently 25.40%.

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.