New Vernon Investment Management LLC Sells 101,125 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

New Vernon Investment Management LLC lessened its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 86.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,271 shares of the company's stock after selling 101,125 shares during the period. Corebridge Financial comprises about 0.3% of New Vernon Investment Management LLC's holdings, making the stock its 27th largest holding. New Vernon Investment Management LLC's holdings in Corebridge Financial were worth $510,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Nippon Life Insurance Co. bought a new stake in shares of Corebridge Financial in the 4th quarter valued at about $3,650,151,000. Price T Rowe Associates Inc. MD raised its position in Corebridge Financial by 31.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock valued at $986,539,000 after purchasing an additional 7,828,929 shares during the last quarter. Vanguard Group Inc. raised its position in Corebridge Financial by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company's stock valued at $716,083,000 after purchasing an additional 711,857 shares during the last quarter. Norges Bank bought a new position in Corebridge Financial during the 4th quarter valued at approximately $283,212,000. Finally, Dimensional Fund Advisors LP raised its position in Corebridge Financial by 16.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,457,441 shares of the company's stock valued at $163,344,000 after purchasing an additional 770,255 shares during the last quarter. Institutional investors own 98.25% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on CRBG shares. Piper Sandler upped their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, April 2nd. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a "hold" rating to a "buy" rating and upped their price target for the company from $33.00 to $40.00 in a research report on Friday, January 10th. Keefe, Bruyette & Woods lowered their price target on Corebridge Financial from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Barclays reduced their target price on Corebridge Financial from $37.00 to $36.00 and set an "overweight" rating on the stock in a report on Friday, April 11th. Finally, UBS Group downgraded Corebridge Financial from a "buy" rating to a "sell" rating and reduced their target price for the stock from $40.00 to $28.00 in a report on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.15.

Corebridge Financial Stock Up 1.3 %

CRBG traded up $0.39 during trading on Monday, hitting $29.90. 2,000,512 shares of the company's stock traded hands, compared to its average volume of 3,562,828. The company's 50 day simple moving average is $30.56 and its two-hundred day simple moving average is $31.17. 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, Inc. has a 12-month low of $23.69 and a 12-month high of $35.36. The stock has a market capitalization of $16.52 billion, a price-to-earnings ratio of 7.91, a PEG ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly 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%. Analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.21%. This is a boost from Corebridge Financial's previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Monday, March 17th. Corebridge Financial's dividend payout ratio 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.