Prudential Financial Inc. Sells 77,193 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Prudential Financial Inc. decreased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 78.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,612 shares of the company's stock after selling 77,193 shares during the period. Prudential Financial Inc.'s holdings in Corebridge Financial were worth $617,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Fortitude Family Office LLC purchased a new position in Corebridge Financial in the fourth quarter worth about $27,000. FNY Investment Advisers LLC purchased a new position in shares of Corebridge Financial in the fourth quarter worth approximately $27,000. Smartleaf Asset Management LLC boosted its holdings in shares of Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock worth $27,000 after buying an additional 480 shares during the last quarter. Blue Trust Inc. grew its position in Corebridge Financial by 183.2% during the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company's stock valued at $33,000 after buying an additional 729 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in Corebridge Financial by 58.4% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock valued at $34,000 after buying an additional 423 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Price Performance

CRBG traded up $0.05 during trading on Friday, reaching $26.71. 5,995,192 shares of the company traded hands, compared to its average volume of 3,577,672. The company has a market cap of $14.85 billion, a P/E ratio of 7.07, a PEG ratio of 0.43 and a beta of 0.98. 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 12-month low of $23.69 and a 12-month high of $35.36. The firm has a fifty day simple moving average of $31.56 and a 200 day simple moving average of $31.25.

Remove Ads

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share 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%. On average, equities analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.24 per share. This is a positive change from Corebridge Financial's previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.59%. Corebridge Financial's dividend payout ratio (DPR) is presently 25.40%.

Analyst Ratings Changes

Several research analysts have recently weighed in on CRBG shares. Morgan Stanley dropped their price target on shares of Corebridge Financial from $43.00 to $32.00 and set an "overweight" rating on the stock in a research note on Thursday. UBS Group downgraded Corebridge Financial from a "buy" rating to a "sell" rating and lowered their target price for the company from $40.00 to $28.00 in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods reduced 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. Barclays lowered their price objective on Corebridge Financial from $37.00 to $36.00 and set an "overweight" rating on the stock in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a "hold" rating to a "buy" rating and boosted their price objective for the company from $33.00 to $40.00 in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $36.15.

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.