Canada Pension Plan Investment Board Sells 218,710 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Canada Pension Plan Investment Board cut its position in Corebridge Financial, Inc. (NYSE:CRBG) by 4.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,051,487 shares of the company’s stock after selling 218,710 shares during the quarter. Canada Pension Plan Investment Board owned 0.89% of Corebridge Financial worth $151,191,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Demars Financial Group LLC bought a new position in Corebridge Financial in the 4th quarter valued at approximately $10,080,000. Ontario Teachers Pension Plan Board increased its position in Corebridge Financial by 33.9% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 29,104 shares of the company’s stock valued at $871,000 after acquiring an additional 7,365 shares during the period. Barclays PLC raised its stake in shares of Corebridge Financial by 135.3% during the fourth quarter. Barclays PLC now owns 842,550 shares of the company’s stock valued at $25,217,000 after acquiring an additional 484,515 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Corebridge Financial by 8.1% during the fourth quarter. Sterling Capital Management LLC now owns 73,704 shares of the company’s stock worth $2,206,000 after purchasing an additional 5,519 shares during the period. Finally, Treasurer of the State of North Carolina grew its stake in shares of Corebridge Financial by 10.7% in the fourth quarter. Treasurer of the State of North Carolina now owns 129,985 shares of the company’s stock worth $3,890,000 after purchasing an additional 12,579 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on the company. Wells Fargo & Company cut their target price on Corebridge Financial from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. BMO Capital Markets initiated coverage on Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price on the stock. UBS Group downgraded shares of Corebridge Financial from a “buy” rating to a “sell” rating and decreased their target price for the company from $40.00 to $28.00 in a research report on Wednesday, April 2nd. Barclays dropped their price target on shares of Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a research report on Friday, April 11th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and increased their price objective for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.15.

Corebridge Financial Price Performance

CRBG stock opened at $27.71 on Friday. 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 company’s 50-day moving average is $31.11 and its 200-day moving average is $31.18. The stock has a market capitalization of $15.40 billion, a PE ratio of 7.33, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $35.36.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data 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 net margin of 11.39% and a return on equity of 22.69%. Equities research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date was Monday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is 25.40%.

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.