Victory Capital Management Inc. Has $37.97 Million Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Victory Capital Management Inc. increased its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 20.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,268,498 shares of the company's stock after buying an additional 219,267 shares during the period. Victory Capital Management Inc. owned 0.22% of Corebridge Financial worth $37,966,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRBG. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Corebridge Financial in the third quarter valued at approximately $27,000. Fortitude Family Office LLC acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at approximately $27,000. FNY Investment Advisers LLC acquired a new position in Corebridge Financial during the fourth quarter valued at approximately $27,000. Smartleaf Asset Management LLC raised its position in Corebridge Financial by 112.4% during the fourth 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. Finally, Capital Performance Advisors LLP acquired a new position in Corebridge Financial during the third quarter valued at approximately $28,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock opened at $32.05 on Friday. 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 twelve month low of $23.97 and a twelve month high of $35.36. The stock has a market cap of $17.82 billion, a price-to-earnings ratio of 8.48, a P/E/G ratio of 0.43 and a beta of 0.92. The company's fifty day moving average is $32.33 and its 200 day moving average is $30.84.

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Corebridge Financial (NYSE:CRBG - Get Free Report) last issued 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 return on equity of 22.69% and a net margin of 11.39%. Sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors 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. The ex-dividend date is Monday, March 17th. This represents a $0.96 annualized dividend and a dividend yield of 3.00%. Corebridge Financial's payout ratio is currently 25.40%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and boosted their price objective for the company from $33.00 to $40.00 in a research report on Friday, January 10th. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price objective for the company. TD Cowen boosted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. Finally, Morgan Stanley upgraded 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 analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $37.29.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the company's stock in a transaction 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 sale, the insider now owns 127,282,642 shares of the company's stock, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.08% of the stock is currently owned by insiders.

Corebridge Financial Company 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.

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