Massachusetts Financial Services Co. MA Sells 163,915 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Massachusetts Financial Services Co. MA lessened its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 1.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,319,941 shares of the company's stock after selling 163,915 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.81% of Corebridge Financial worth $308,876,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nippon Life Insurance Co. acquired a new position in Corebridge Financial during the fourth quarter worth about $3,650,151,000. Norges Bank bought a new stake in Corebridge Financial during the fourth quarter worth approximately $283,212,000. Wellington Management Group LLP increased its holdings in shares of Corebridge Financial by 4,624.2% in the fourth quarter. Wellington Management Group LLP now owns 3,707,960 shares of the company's stock valued at $110,979,000 after buying an additional 3,629,472 shares in the last quarter. Pzena Investment Management LLC boosted its position in shares of Corebridge Financial by 222.9% in the 4th quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company's stock valued at $138,829,000 after purchasing an additional 3,202,145 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Corebridge Financial in the 4th quarter worth approximately $31,844,000. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Price Performance

CRBG stock traded down $0.53 during trading on Monday, hitting $25.18. The company had a trading volume of 1,244,128 shares, compared to its average volume of 3,547,139. The company has a market cap of $14.00 billion, a P/E ratio of 6.62, a P/E/G ratio of 0.43 and a beta of 0.98. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The company has a fifty day moving average price of $32.48 and a two-hundred day moving average price of $31.35. Corebridge Financial, Inc. has a fifty-two week low of $23.79 and a fifty-two week high of $35.36.

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Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results 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 return on equity of 22.69% and a net margin of 11.39%. Equities research analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date was Monday, March 17th. This is a positive change from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's payout ratio is currently 25.40%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CRBG. UBS Group lowered shares of Corebridge Financial from a "buy" rating to a "sell" rating and reduced their price target for the stock from $40.00 to $28.00 in a research report on Wednesday, April 2nd. Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. Piper Sandler boosted their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, April 2nd. Morgan Stanley raised Corebridge Financial from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $35.00 to $43.00 in a research note on Friday, February 28th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and upped their price objective for the stock from $33.00 to $40.00 in a report on Friday, January 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

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.