QRG Capital Management Inc. raised its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 6.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 278,445 shares of the company's stock after buying an additional 18,019 shares during the quarter. QRG Capital Management Inc.'s holdings in Corebridge Financial were worth $8,334,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Corebridge Financial in the third quarter valued at about $27,000. Fortitude Family Office LLC acquired a new position in Corebridge Financial in the 4th quarter valued at approximately $27,000. FNY Investment Advisers LLC bought a new stake in shares of Corebridge Financial in the 4th quarter worth approximately $27,000. Capital Performance Advisors LLP acquired a new stake in shares of Corebridge Financial during the 3rd quarter worth approximately $28,000. Finally, HM Payson & Co. acquired a new stake in shares of Corebridge Financial during the 3rd quarter worth approximately $29,000. 98.25% of the stock is owned by institutional investors.
Insider Transactions at Corebridge Financial
In related news, major shareholder International Group American sold 121,956,256 shares of the business's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now directly owns 127,282,642 shares of the company's stock, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.08% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
Several research analysts recently commented on the company. BMO Capital Markets started coverage on Corebridge Financial in a research report on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 target price for the company. Piper Sandler lifted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Morgan Stanley raised shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $35.00 to $43.00 in a research report on Friday. Wells Fargo & Company lifted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. Finally, Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a "hold" rating to a "buy" rating and upped their price objective for the company from $33.00 to $40.00 in a research note on Friday, January 10th. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $37.29.
Get Our Latest Report on Corebridge Financial
Corebridge Financial Price Performance
NYSE:CRBG traded down $0.47 during mid-day trading on Monday, reaching $34.21. 2,133,066 shares of the company were exchanged, compared to its average volume of 3,071,698. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock has a market cap of $19.02 billion, a PE ratio of 9.05, a PEG ratio of 0.43 and a beta of 0.94. Corebridge Financial, Inc. has a 12 month low of $23.77 and a 12 month high of $35.36. The company has a fifty day moving average of $32.06 and a 200 day moving average of $30.70.
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 return on equity of 22.69% and a net margin of 11.39%. On average, research analysts anticipate 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 will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.24 dividend. This is a boost from Corebridge Financial's previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 2.81%. The ex-dividend date is Monday, March 17th. Corebridge Financial's dividend payout ratio (DPR) is 25.40%.
About Corebridge Financial
(
Free Report)
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.
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