Norges Bank Invests $283.21 Million in Corebridge Financial, Inc. (NYSE:CRBG)

Norges Bank bought a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 9,462,475 shares of the company's stock, valued at approximately $283,212,000. Norges Bank owned 1.66% of Corebridge Financial at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CRBG. Charles Schwab Investment Management Inc. raised its position in shares of Corebridge Financial by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,738,163 shares of the company's stock valued at $50,685,000 after buying an additional 148,834 shares during the last quarter. Cerity Partners LLC increased its holdings in Corebridge Financial by 104.4% in the 3rd quarter. Cerity Partners LLC now owns 21,595 shares of the company's stock valued at $630,000 after acquiring an additional 11,029 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Corebridge Financial by 3.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company's stock worth $648,000 after purchasing an additional 732 shares in the last quarter. FMR LLC boosted its holdings in shares of Corebridge Financial by 13.5% during the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company's stock valued at $146,678,000 after purchasing an additional 598,373 shares during the last quarter. Finally, D.A. Davidson & CO. bought a new position in shares of Corebridge Financial during the 3rd quarter valued at about $359,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

Several analysts have recently issued reports on CRBG shares. UBS Group cut Corebridge Financial from a "buy" rating to a "sell" rating and decreased their price objective for the stock from $40.00 to $28.00 in a report on Wednesday. Barclays upgraded shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price objective for the company in a research report on Monday, January 6th. Wells Fargo & Company boosted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Piper Sandler increased 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. Finally, Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a "hold" rating to a "buy" rating and lifted their price target for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Corebridge Financial Stock Up 0.9 %

NYSE CRBG traded up $0.29 on Wednesday, reaching $31.88. 2,091,588 shares of the stock traded hands, compared to its average volume of 3,564,986. Corebridge Financial, Inc. has a 12 month low of $23.97 and a 12 month high of $35.36. The company has a market cap of $17.73 billion, a price-to-earnings ratio of 8.43, a PEG ratio of 0.43 and a beta of 0.92. The company has a fifty day moving average price of $32.72 and a 200-day moving average price of $31.32. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. As a group, research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a dividend of $0.24 per share. The ex-dividend date was Monday, March 17th. This is an increase from Corebridge Financial's previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.01%. Corebridge Financial's dividend payout ratio (DPR) 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.