DnB Asset Management AS Increases Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

DnB Asset Management AS boosted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 14.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 53,022 shares of the company’s stock after buying an additional 6,630 shares during the period. DnB Asset Management AS’s holdings in Corebridge Financial were worth $1,587,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Public Employees Retirement System of Ohio lifted its stake in shares of Corebridge Financial by 11.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock worth $4,871,000 after acquiring an additional 16,970 shares during the last quarter. Virtu Financial LLC purchased a new stake in Corebridge Financial in the third quarter worth $581,000. New York Life Investment Management LLC bought a new stake in shares of Corebridge Financial during the fourth quarter worth $781,000. State Street Corp boosted its stake in shares of Corebridge Financial by 11.7% during the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after purchasing an additional 843,559 shares during the period. Finally, First Hawaiian Bank bought a new position in shares of Corebridge Financial in the fourth quarter worth about $1,168,000. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CRBG. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price objective for the company from $33.00 to $40.00 in a research report on Friday, January 10th. Piper Sandler lifted their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Morgan Stanley raised 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. BMO Capital Markets began coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price for the company. 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 note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.29.

Corebridge Financial Stock Down 0.1 %

Shares of CRBG stock opened at $31.55 on Wednesday. Corebridge Financial, Inc. has a fifty-two week low of $23.97 and a fifty-two week high of $35.36. The firm has a market capitalization of $17.54 billion, a PE ratio of 8.35, a P/E/G ratio of 0.43 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The stock’s 50-day simple moving average is $32.72 and its 200-day simple moving average is $31.32.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results 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 analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 3.04%. Corebridge Financial’s payout ratio is currently 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.