Corebridge Financial, Inc. (NYSE:CRBG) Stock Holdings Trimmed by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. lessened its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 4.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,338 shares of the company’s stock after selling 991 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Corebridge Financial were worth $699,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CRBG. Allstate Corp acquired a new position in Corebridge Financial in the fourth quarter valued at approximately $262,000. DnB Asset Management AS boosted its position in Corebridge Financial by 14.3% during the 4th quarter. DnB Asset Management AS now owns 53,022 shares of the company’s stock valued at $1,587,000 after purchasing an additional 6,630 shares during the period. Pictet Asset Management Holding SA grew its stake in Corebridge Financial by 22.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 165,158 shares of the company’s stock worth $4,943,000 after buying an additional 29,816 shares during the last quarter. Norges Bank acquired a new stake in Corebridge Financial in the fourth quarter worth $283,212,000. Finally, Caisse Des Depots ET Consignations bought a new stake in Corebridge Financial in the fourth quarter valued at $567,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CRBG. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a report on Monday, January 6th. BMO Capital Markets assumed coverage on Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target on the stock. Piper Sandler boosted their price objective on 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 Corebridge Financial from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $35.00 to $43.00 in a research report on Friday, February 28th. Finally, Wells Fargo & Company boosted their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and a consensus target price of $37.29.

Corebridge Financial Stock Down 2.8 %

CRBG stock opened at $31.34 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 firm has a market cap of $17.42 billion, a PE ratio of 8.29, a P/E/G ratio of 0.43 and a beta of 0.92. Corebridge Financial, Inc. has a 12 month low of $23.97 and a 12 month high of $35.36. The firm has a 50 day simple moving average of $32.74 and a 200 day simple moving average of $31.23.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share 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%. 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 business 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 represents a $0.96 annualized dividend and a yield of 3.06%. The ex-dividend date is Monday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is presently 25.40%.

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.