Intech Investment Management LLC Sells 5,518 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Intech Investment Management LLC trimmed its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 10.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 45,202 shares of the company’s stock after selling 5,518 shares during the period. Intech Investment Management LLC’s holdings in Corebridge Financial were worth $1,353,000 as of its most recent filing with the SEC.

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 during the 3rd quarter worth about $27,000. Fortitude Family Office LLC acquired a new stake in shares of Corebridge Financial during the 4th quarter worth about $27,000. FNY Investment Advisers LLC acquired a new stake in shares of Corebridge Financial during the 4th quarter worth about $27,000. Smartleaf Asset Management LLC increased its position in shares of Corebridge Financial by 112.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after purchasing an additional 480 shares in the last quarter. Finally, Blue Trust Inc. increased its position in shares of Corebridge Financial by 183.2% during the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock worth $33,000 after purchasing an additional 729 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CRBG. BMO Capital Markets began coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 target price for the company. Piper Sandler increased their target price 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. Morgan Stanley upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $35.00 to $43.00 in a research report on Friday, February 28th. TD Cowen raised 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. Finally, 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. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.29.

Corebridge Financial Stock Down 0.4 %

Shares of NYSE:CRBG opened at $32.36 on Friday. Corebridge Financial, Inc. has a one year low of $23.97 and a one year high of $35.36. The company has a 50 day moving average of $32.56 and a 200-day moving average of $31.03. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market cap of $17.99 billion, a price-to-earnings ratio of 8.56, a P/E/G ratio of 0.43 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last issued its quarterly 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 return on equity of 22.69% and a net margin of 11.39%. On average, sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 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. Investors of record on Monday, March 17th will be paid a dividend of $0.24 per share. This is a positive change 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 yield of 2.97%. Corebridge Financial’s dividend payout ratio (DPR) is presently 25.40%.

About Corebridge Financial

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.