Essex Financial Services Inc. Purchases 2,293 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Essex Financial Services Inc. raised its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 31.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,589 shares of the company’s stock after acquiring an additional 2,293 shares during the period. Essex Financial Services Inc.’s holdings in Corebridge Financial were worth $287,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Nippon Life Insurance Co. bought a new stake in Corebridge Financial in the 4th quarter valued at $3,650,151,000. Massachusetts Financial Services Co. MA increased its holdings in Corebridge Financial by 2.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock valued at $305,709,000 after acquiring an additional 284,781 shares during the last quarter. State Street Corp increased its holdings in Corebridge Financial by 11.7% in the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after acquiring an additional 843,559 shares during the last quarter. FMR LLC increased its holdings in Corebridge Financial by 13.5% in the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company’s stock valued at $146,678,000 after acquiring an additional 598,373 shares during the last quarter. Finally, Donald Smith & CO. Inc. increased its holdings in Corebridge Financial by 12.7% in the 3rd quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company’s stock valued at $126,411,000 after acquiring an additional 489,545 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CRBG has been the topic of a number of research reports. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target on the stock. Wells Fargo & Company dropped their price objective on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a research note on Tuesday, January 14th. Morgan Stanley lifted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. Finally, Barclays raised 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 note on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $36.43.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares in the company, valued at $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 available through the SEC website. 0.08% of the stock is currently owned by company insiders.

Corebridge Financial Price Performance

CRBG stock opened at $32.07 on Friday. The stock has a market cap of $18.24 billion, a PE ratio of -15.34, a P/E/G ratio of 0.37 and a beta of 0.94. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial, Inc. has a 12 month low of $23.77 and a 12 month high of $34.66. The company has a 50-day moving average price of $31.41 and a 200 day moving average price of $30.15.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.8 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.24 per share. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 2.99%. The ex-dividend date is Monday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

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.