Allianz Asset Management GmbH Has $27.72 Million Position in Corebridge Financial, Inc. (NYSE:CRBG)

Allianz Asset Management GmbH raised its position in Corebridge Financial, Inc. (NYSE:CRBG) by 2.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 926,254 shares of the company’s stock after acquiring an additional 19,855 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.16% of Corebridge Financial worth $27,723,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CRBG. Nippon Life Insurance Co. acquired a new stake in Corebridge Financial in the fourth quarter valued at $3,650,151,000. Jacobs Levy Equity Management Inc. lifted its stake in shares of Corebridge Financial by 34.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock worth $104,032,000 after buying an additional 915,848 shares during the last quarter. State Street Corp lifted its stake in shares of Corebridge Financial by 11.7% during the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after buying an additional 843,559 shares during the last quarter. AustralianSuper Pty Ltd lifted its stake in shares of Corebridge Financial by 69.5% during the 4th quarter. AustralianSuper Pty Ltd now owns 1,584,707 shares of the company’s stock worth $47,430,000 after buying an additional 649,718 shares during the last quarter. Finally, FMR LLC lifted its stake 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 worth $146,678,000 after buying an additional 598,373 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Activity

In other news, major shareholder International Group American sold 121,956,256 shares of the firm’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 value of $3,837,963,376.32. Following the sale, the insider now directly owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.08% of the stock is currently owned by corporate insiders.

Corebridge Financial Price Performance

CRBG stock opened at $32.72 on Monday. 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 12 month low of $23.77 and a 12 month high of $34.66. The firm has a market cap of $18.19 billion, a P/E ratio of 8.65, a P/E/G ratio of 0.43 and a beta of 0.94. The company’s 50-day moving average price is $31.70 and its two-hundred day moving average price is $30.46.

Corebridge Financial (NYSE:CRBG) last released 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 net margin of 11.39% and a return on equity of 22.69%. On average, analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently declared 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 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 2.93%. The ex-dividend date is Monday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.34%.

Wall Street Analysts Forecast Growth

CRBG has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and raised their target price for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a research note on Monday, January 6th. TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Finally, Piper Sandler raised their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and an average target price of $36.64.

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.