Ieq Capital LLC Grows Position in Corebridge Financial, Inc. (NYSE:CRBG)

Ieq Capital LLC lifted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 311.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,541 shares of the company's stock after purchasing an additional 34,467 shares during the period. Ieq Capital LLC's holdings in Corebridge Financial were worth $1,363,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nippon Life Insurance Co. purchased a new stake in shares of Corebridge Financial during the 4th quarter worth approximately $3,650,151,000. Massachusetts Financial Services Co. MA raised its stake in Corebridge Financial by 2.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company's stock worth $305,709,000 after acquiring an additional 284,781 shares in the last quarter. State Street Corp boosted its stake in Corebridge Financial by 11.7% in the third quarter. State Street Corp now owns 8,035,438 shares of the company's stock valued at $234,313,000 after acquiring an additional 843,559 shares in the last quarter. FMR LLC boosted its stake in Corebridge Financial by 13.5% in the third quarter. FMR LLC now owns 5,030,104 shares of the company's stock valued at $146,678,000 after acquiring an additional 598,373 shares in the last quarter. Finally, Donald Smith & CO. Inc. increased its position in shares of Corebridge Financial by 12.7% during the third quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company's stock worth $126,411,000 after purchasing an additional 489,545 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

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Insiders Place Their Bets

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the transaction, the insider now directly owns 127,282,642 shares of the company's stock, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.08% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CRBG has been the subject of a number of research analyst reports. DOWLING & PARTN cut Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and raised their target price for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Barclays upgraded shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price target for the company in a research report on Monday, January 6th. BMO Capital Markets began coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price objective on the stock. Finally, Morgan Stanley raised shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $35.00 to $43.00 in a report on Friday. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $37.29.

Corebridge Financial Stock Performance

Shares of CRBG stock traded up $1.39 during trading hours on Friday, reaching $34.71. 3,847,448 shares of the company's stock were exchanged, compared to its average volume of 3,094,853. 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 1 year low of $23.77 and a 1 year high of $34.84. The company has a market cap of $19.30 billion, a P/E ratio of 9.18, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94. The company's 50 day moving average is $31.96 and its two-hundred day moving average is $30.58.

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 net margin of 11.39% and a return on equity of 22.69%. Equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.24 per share. The ex-dividend date is Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a yield of 2.77%. This is an increase from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's payout ratio is currently 25.40%.

Corebridge Financial 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.