California Public Employees Retirement System Reduces Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

California Public Employees Retirement System cut its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 0.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 472,692 shares of the company’s stock after selling 2,614 shares during the quarter. California Public Employees Retirement System owned about 0.08% of Corebridge Financial worth $14,148,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Corebridge Financial in the 3rd quarter valued at approximately $27,000. Fortitude Family Office LLC acquired a new position in Corebridge Financial during the 4th quarter valued at approximately $27,000. FNY Investment Advisers LLC purchased a new position in shares of Corebridge Financial in the fourth quarter worth $27,000. Smartleaf Asset Management LLC lifted its stake in shares of Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after buying an additional 480 shares during the period. Finally, Blue Trust Inc. grew its holdings in shares of Corebridge Financial by 183.2% during the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock valued at $33,000 after buying an additional 729 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Down 10.5 %

Shares of NYSE:CRBG opened at $25.62 on Friday. The business’s 50 day moving average price is $32.48 and its 200-day moving average price is $31.32. Corebridge Financial, Inc. has a 1 year low of $23.97 and a 1 year high of $35.36. The firm has a market capitalization of $14.25 billion, a price-to-earnings ratio of 6.78, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share (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, equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.75%. The ex-dividend date was Monday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio (DPR) is 25.40%.

Wall Street Analyst Weigh In

A number of analysts have commented on CRBG shares. Morgan Stanley raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $35.00 to $43.00 in a research report on Friday, February 28th. Wells Fargo & Company lifted their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and increased their price target for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Piper Sandler lifted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, BMO Capital Markets began coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.00.

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.