Man Group plc Purchases 346,836 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Man Group plc raised its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 15.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,588,284 shares of the company’s stock after purchasing an additional 346,836 shares during the period. Man Group plc owned about 0.45% of Corebridge Financial worth $77,467,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. New York Life Investment Management LLC bought a new position in shares of Corebridge Financial in the 4th quarter worth $781,000. Raymond James Financial Inc. acquired a new position in Corebridge Financial during the 4th quarter valued at about $31,844,000. Barclays PLC increased its position in Corebridge Financial by 20.0% during the 3rd quarter. Barclays PLC now owns 358,035 shares of the company’s stock valued at $10,441,000 after buying an additional 59,702 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Corebridge Financial by 4.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 504,261 shares of the company’s stock valued at $15,093,000 after buying an additional 20,783 shares in the last quarter. Finally, KBC Group NV increased its position in Corebridge Financial by 77.9% during the 4th quarter. KBC Group NV now owns 1,222,448 shares of the company’s stock valued at $36,588,000 after buying an additional 535,323 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on CRBG shares. Wells Fargo & Company boosted their price target on Corebridge Financial from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. Piper Sandler upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 2nd. BMO Capital Markets initiated coverage on Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price on the stock. UBS Group downgraded Corebridge Financial from a “buy” rating to a “sell” rating and lowered their price target for the stock from $40.00 to $28.00 in a research report on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods increased their price target on Corebridge Financial from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and an average target price of $36.62.

Corebridge Financial Price Performance

CRBG stock opened at $32.77 on Wednesday. The business has a fifty day moving average of $30.04 and a two-hundred day moving average of $31.15. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock has a market cap of $18.03 billion, a price-to-earnings ratio of 8.67, a price-to-earnings-growth ratio of 0.43 and a beta of 1.01. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $35.36.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, May 5th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.15 by $0.01. The firm had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $5.28 billion. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. During the same period in the previous year, the firm posted $1.10 EPS. As a group, research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend is Monday, June 16th. Corebridge Financial’s payout ratio is 81.36%.

About Corebridge Financial

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.