Corebridge Financial, Inc. (NYSE:CRBG) Shares Acquired by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. increased its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 288.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 32,855 shares of the company's stock after purchasing an additional 24,396 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Corebridge Financial were worth $983,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Buckley Wealth Management LLC purchased a new position in Corebridge Financial in the fourth quarter valued at about $507,000. Wellington Shields & Co. LLC grew its stake in shares of Corebridge Financial by 100.0% in the fourth quarter. Wellington Shields & Co. LLC now owns 20,000 shares of the company's stock valued at $599,000 after buying an additional 10,000 shares in the last quarter. Wellington Shields Capital Management LLC lifted its position in Corebridge Financial by 10.2% during the 4th quarter. Wellington Shields Capital Management LLC now owns 21,700 shares of the company's stock worth $649,000 after acquiring an additional 2,000 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its holdings in Corebridge Financial by 78.6% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 102,477 shares of the company's stock worth $3,072,000 after acquiring an additional 45,100 shares during the period. Finally, Burkehill Global Management LP acquired a new stake in Corebridge Financial in the fourth quarter valued at approximately $14,965,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

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Corebridge Financial Stock Performance

CRBG traded down $0.58 during trading hours on Thursday, hitting $32.21. 2,085,622 shares of the stock were exchanged, compared to its average volume of 3,453,851. The stock has a market cap of $17.91 billion, a price-to-earnings ratio of 8.52, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92. The stock has a 50-day simple moving average of $32.74 and a 200-day simple moving average of $31.16. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial, Inc. has a 12 month low of $23.97 and a 12 month high of $35.36.

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

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.24 per share. This is an increase from Corebridge Financial's previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.96 annualized dividend and a dividend yield of 2.98%. Corebridge Financial's payout ratio is 25.40%.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a "hold" rating to a "buy" rating and boosted their target price for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. BMO Capital Markets initiated coverage on Corebridge Financial in a research note on Thursday, January 23rd. They set an "outperform" rating and a $43.00 target price for the company. Barclays upgraded Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price target on the stock in a research note on Monday, January 6th. Finally, Morgan Stanley raised Corebridge Financial from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $35.00 to $43.00 in a report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.29.

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.