ExodusPoint Capital Management LP Takes Position in Corebridge Financial, Inc. (NYSE:CRBG)

ExodusPoint Capital Management LP bought a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 126,065 shares of the company's stock, valued at approximately $3,773,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nippon Life Insurance Co. acquired a new position in shares of Corebridge Financial in the 4th quarter valued at $3,650,151,000. Norges Bank bought a new stake in Corebridge Financial in the fourth quarter valued at about $283,212,000. Wellington Management Group LLP raised its position in Corebridge Financial by 4,624.2% in the fourth quarter. Wellington Management Group LLP now owns 3,707,960 shares of the company's stock worth $110,979,000 after purchasing an additional 3,629,472 shares in the last quarter. Pzena Investment Management LLC lifted its stake in Corebridge Financial by 222.9% during the fourth quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company's stock worth $138,829,000 after purchasing an additional 3,202,145 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Corebridge Financial during the fourth quarter valued at approximately $31,844,000. 98.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CRBG has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a "hold" rating to a "buy" rating and increased their target price for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Wells Fargo & Company dropped their price objective on Corebridge Financial from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Thursday. Keefe, Bruyette & Woods cut their price objective on Corebridge Financial from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Wednesday. Morgan Stanley lowered their target price on shares of Corebridge Financial from $43.00 to $32.00 and set an "overweight" rating on the stock in a report on Thursday. Finally, UBS Group downgraded 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 report on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.86.

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Corebridge Financial Trading Up 0.2 %

Shares of NYSE CRBG traded up $0.05 during midday trading on Friday, hitting $26.71. The stock had a trading volume of 5,995,192 shares, compared to its average volume of 3,574,770. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $35.36. The company's 50-day simple moving average is $31.56 and its 200 day simple moving average is $31.24. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a market cap of $14.85 billion, a P/E ratio of 7.07, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its 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 return on equity of 22.69% and a net margin of 11.39%. Research analysts anticipate 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. Stockholders of record on Monday, March 17th were paid a $0.24 dividend. The ex-dividend date was Monday, March 17th. 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 3.59%. Corebridge Financial's dividend 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.