Geode Capital Management LLC Raises Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Geode Capital Management LLC boosted its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 7.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,502,014 shares of the company's stock after purchasing an additional 315,749 shares during the period. Geode Capital Management LLC owned about 0.79% of Corebridge Financial worth $134,515,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Public Employees Retirement System of Ohio lifted its position in shares of Corebridge Financial by 11.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company's stock valued at $4,871,000 after buying an additional 16,970 shares during the last quarter. Virtu Financial LLC purchased a new stake in Corebridge Financial during the third quarter valued at about $581,000. New York Life Investment Management LLC bought a new position in Corebridge Financial during the fourth quarter worth about $781,000. State Street Corp increased its stake in shares of Corebridge Financial by 11.7% in the third quarter. State Street Corp now owns 8,035,438 shares of the company's stock worth $234,313,000 after purchasing an additional 843,559 shares in the last quarter. Finally, First Hawaiian Bank bought a new stake in shares of Corebridge Financial in the fourth quarter valued at approximately $1,168,000. 98.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on CRBG. Morgan Stanley cut their price objective on shares of Corebridge Financial from $43.00 to $32.00 and set an "overweight" rating for the company in a report on Thursday. Piper Sandler raised their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. Barclays decreased their price objective on Corebridge Financial from $37.00 to $36.00 and set an "overweight" rating on the stock in a research note on Friday. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a "hold" rating to a "buy" rating and increased their price objective for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Finally, Wells Fargo & Company reduced their target price on Corebridge Financial from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $36.15.

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Corebridge Financial Price Performance

CRBG stock traded up $0.05 during midday trading on Friday, reaching $26.71. The company had a trading volume of 5,995,192 shares, compared to its average volume of 3,574,770. The firm has a 50-day moving average price of $31.56 and a 200-day moving average price of $31.24. The company has a market capitalization of $14.85 billion, a P/E ratio of 7.07, a P/E/G ratio of 0.43 and a beta of 0.98. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year 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.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate 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, research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal 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. The ex-dividend date of this dividend was Monday, March 17th. This is a positive change from Corebridge Financial's previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 3.59%. Corebridge Financial's dividend payout ratio is 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.