Hsbc Holdings PLC Has $13.11 Million Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Hsbc Holdings PLC lowered its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 36.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 437,785 shares of the company’s stock after selling 254,092 shares during the period. Hsbc Holdings PLC’s holdings in Corebridge Financial were worth $13,112,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FNY Investment Advisers LLC acquired a new stake in shares of Corebridge Financial during the 4th quarter valued at $27,000. Fortitude Family Office LLC acquired a new stake in shares of Corebridge Financial during the fourth quarter valued at about $27,000. Smartleaf Asset Management LLC grew its holdings 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 purchasing an additional 480 shares during the last quarter. Oarsman Capital Inc. acquired a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $30,000. Finally, Blue Trust Inc. increased its stake in shares of Corebridge Financial by 183.2% in 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 period. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CRBG. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their target price for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Morgan Stanley decreased their price objective on Corebridge Financial from $43.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Barclays cut their target price on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a report on Friday, April 11th. UBS Group cut Corebridge Financial from a “buy” rating to a “sell” rating and decreased their price target for the company from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Finally, Wells Fargo & Company cut their price objective on Corebridge Financial from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.15.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $29.50 on Monday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $35.36. The company has a fifty day moving average of $30.56 and a 200-day moving average of $31.17. The firm has a market capitalization of $16.30 billion, a P/E ratio of 7.80, a P/E/G ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG) last posted 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 net margin of 11.39% and a return on equity of 22.69%. As a group, sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.24 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 3.25%. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio is presently 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.