KLP Kapitalforvaltning AS Takes Position in Corebridge Financial, Inc. (NYSE:CRBG)

KLP Kapitalforvaltning AS acquired a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 77,500 shares of the company's stock, valued at approximately $2,320,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CRBG. Fortitude Family Office LLC acquired a new stake in Corebridge Financial in the fourth quarter valued at $27,000. Smartleaf Asset Management LLC raised its stake in shares of Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock valued at $27,000 after purchasing an additional 480 shares in the last quarter. FNY Investment Advisers LLC bought a new position in shares of Corebridge Financial during the fourth quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Corebridge Financial in the third quarter worth about $27,000. Finally, Blue Trust Inc. increased its holdings in Corebridge Financial by 183.2% in the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company's stock valued at $33,000 after buying an additional 729 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

CRBG stock traded down $0.02 during trading on Tuesday, reaching $31.55. 2,158,425 shares of the company's stock were exchanged, compared to its average volume of 3,563,288. The firm has a market cap of $17.54 billion, a PE ratio of 8.35, a P/E/G ratio of 0.43 and a beta of 0.92. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial, Inc. has a 1-year low of $23.97 and a 1-year high of $35.36. The company's fifty day moving average price is $32.72 and its 200-day moving average price is $31.32.

Remove Ads

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 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%. On average, research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a dividend of $0.24 per share. This is a boost from Corebridge Financial's previous quarterly dividend of $0.23. The ex-dividend date was Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 3.04%. Corebridge Financial's payout ratio is presently 25.40%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Piper Sandler increased their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. BMO Capital Markets started coverage on Corebridge Financial in a research note on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price objective on the stock. Deutsche Bank Aktiengesellschaft raised shares of 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. Barclays raised 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 report on Monday, January 6th. Finally, Morgan Stanley raised shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $35.00 to $43.00 in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Corebridge Financial has a consensus rating of "Moderate Buy" and a consensus target price of $37.29.

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.