First Trust Advisors LP Grows Position in Corebridge Financial, Inc. (NYSE:CRBG)

First Trust Advisors LP lifted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 26.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,182,819 shares of the company's stock after acquiring an additional 877,980 shares during the quarter. First Trust Advisors LP owned approximately 0.74% of Corebridge Financial worth $125,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRBG. Virtu Financial LLC bought a new position in Corebridge Financial during the third quarter worth $581,000. New York Life Investment Management LLC acquired a new stake in Corebridge Financial in the 4th quarter valued at $781,000. First Hawaiian Bank acquired a new position in Corebridge Financial during the fourth quarter worth $1,168,000. Raymond James Financial Inc. bought a new stake in shares of Corebridge Financial during the fourth quarter worth about $31,844,000. Finally, Barclays PLC raised its holdings in shares of Corebridge Financial by 20.0% in the 3rd quarter. Barclays PLC now owns 358,035 shares of the company's stock worth $10,441,000 after acquiring an additional 59,702 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of recent research reports. Morgan Stanley dropped their target price on Corebridge Financial from $43.00 to $32.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Wells Fargo & Company cut their target price on Corebridge Financial from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Keefe, Bruyette & Woods cut their price objective on Corebridge Financial from $40.00 to $37.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and boosted their target price for the company from $33.00 to $40.00 in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, Corebridge Financial has an average rating of "Moderate Buy" and a consensus target price of $36.15.

Corebridge Financial Trading Up 0.1 %

Corebridge Financial stock traded up $0.02 during mid-day trading on Friday, reaching $29.50. 2,576,774 shares of the company traded hands, compared to its average volume of 3,564,985. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $35.36. 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's 50 day moving average price is $30.65 and its 200 day moving average price is $31.15. The firm has a market capitalization of $16.40 billion, a price-to-earnings ratio of 7.80, 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 data on Wednesday, February 12th. The company reported $1.23 EPS 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%. On average, analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal 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 issued a dividend of $0.24 per share. The ex-dividend date was Monday, March 17th. This is an increase from Corebridge Financial's previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 3.25%. Corebridge Financial's dividend payout ratio (DPR) 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.