Corebridge Financial, Inc. (NYSE:CRBG) Shares Acquired by KBC Group NV

KBC Group NV lifted its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 77.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,222,448 shares of the company's stock after acquiring an additional 535,323 shares during the quarter. KBC Group NV owned 0.21% of Corebridge Financial worth $36,588,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Fortitude Family Office LLC purchased a new position in shares of Corebridge Financial in the 4th quarter worth approximately $27,000. FNY Investment Advisers LLC acquired a new position in shares of Corebridge Financial during the fourth quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Corebridge Financial during the 3rd quarter valued at $27,000. Capital Performance Advisors LLP acquired a new stake in shares of Corebridge Financial in the 3rd quarter worth $28,000. Finally, HM Payson & Co. acquired a new position in Corebridge Financial during the 3rd quarter valued at about $29,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. DOWLING & PARTN downgraded Corebridge Financial from a "strong-buy" rating to a "hold" rating in a report on Tuesday, November 26th. Barclays raised shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 target price on the stock in a research report on Monday, January 6th. Wells Fargo & Company decreased their price target on shares of Corebridge Financial from $37.00 to $35.00 and set an "overweight" rating for the company in a report on Tuesday, January 14th. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price objective on the stock. Finally, Morgan Stanley raised their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, Corebridge Financial currently has an average rating of "Moderate Buy" and a consensus target price of $36.43.

Corebridge Financial Price Performance

Shares of NYSE CRBG traded down $0.35 during trading on Friday, hitting $33.76. The company had a trading volume of 1,404,346 shares, compared to its average volume of 3,181,519. The firm has a market capitalization of $19.21 billion, a price-to-earnings ratio of -16.15, a price-to-earnings-growth ratio of 0.38 and a beta of 0.92. The stock has a fifty day simple moving average of $31.23 and a two-hundred day simple moving average of $29.92. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial, Inc. has a fifty-two week low of $23.01 and a fifty-two week high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the business posted $1.05 earnings per share. The business's quarterly revenue was up 39.5% compared to the same quarter last year. On average, research analysts expect that Corebridge Financial, Inc. will post 4.8 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial's payout ratio is -44.02%.

Insider Activity

In other news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the sale, the insider now owns 249,238,898 shares of the company's stock, valued at approximately $7,776,253,617.60. The trade was a 10.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.08% of the company's stock.

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.