Arrowstreet Capital Limited Partnership Cuts Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Arrowstreet Capital Limited Partnership lessened its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 51.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 107,387 shares of the company's stock after selling 114,964 shares during the quarter. Arrowstreet Capital Limited Partnership's holdings in Corebridge Financial were worth $3,214,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Allstate Corp bought a new stake in Corebridge Financial during the 4th quarter worth approximately $262,000. DnB Asset Management AS grew its stake in shares of Corebridge Financial by 14.3% in the fourth quarter. DnB Asset Management AS now owns 53,022 shares of the company's stock worth $1,587,000 after purchasing an additional 6,630 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in Corebridge Financial by 22.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 165,158 shares of the company's stock valued at $4,943,000 after purchasing an additional 29,816 shares during the period. Norges Bank bought a new position in Corebridge Financial during the 4th quarter worth $283,212,000. Finally, Caisse Des Depots ET Consignations acquired a new position in Corebridge Financial during the 4th quarter worth about $567,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CRBG. BMO Capital Markets began coverage on Corebridge Financial in a research note on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 price target for the company. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and raised their price target for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Piper Sandler upped their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, April 2nd. Barclays lowered their target price on shares of Corebridge Financial from $37.00 to $36.00 and set an "overweight" rating for the company in a research note on Friday. Finally, UBS Group cut shares of Corebridge Financial from a "buy" rating to a "sell" rating and cut their price target for the company from $40.00 to $28.00 in a research report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $36.15.

Corebridge Financial Stock Up 2.5 %

Shares of NYSE CRBG traded up $0.68 during midday trading on Tuesday, hitting $28.02. 512,079 shares of the stock traded hands, compared to its average volume of 3,569,356. 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 one year low of $23.69 and a one year high of $35.36. The business has a 50 day moving average price of $31.45 and a two-hundred day moving average price of $31.24. The company has a market cap of $15.58 billion, a PE ratio of 7.41, a P/E/G ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results 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 net margin of 11.39% and a return on equity of 22.69%. On average, equities analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently declared 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. The ex-dividend date was Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a yield of 3.43%. This is an increase from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's payout ratio is 25.40%.

Corebridge Financial Company 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.