Securian Asset Management Inc. Makes New Investment in Corebridge Financial, Inc. $CRBG

Securian Asset Management Inc. purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 19,483 shares of the company’s stock, valued at approximately $588,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its stake in Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after purchasing an additional 905,918 shares during the last quarter. Focus Partners Wealth acquired a new position in Corebridge Financial during the first quarter worth approximately $384,000. Creative Planning acquired a new position in Corebridge Financial during the second quarter worth approximately $243,000. EverSource Wealth Advisors LLC raised its stake in Corebridge Financial by 58.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock valued at $162,000 after buying an additional 1,688 shares during the period. Finally, Cerity Partners LLC raised its stake in Corebridge Financial by 64.4% in the second quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock valued at $3,286,000 after buying an additional 36,239 shares during the period. Institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CRBG. Barclays reduced their target price on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a research note on Wednesday, April 8th. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday. UBS Group cut their price target on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday, April 28th. Wells Fargo & Company lifted their price objective on shares of Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Morgan Stanley dropped their price objective on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.92.

Corebridge Financial Trading Up 4.3%

Shares of NYSE:CRBG opened at $27.58 on Friday. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.57. The business has a 50 day moving average of $25.30 and a 200-day moving average of $28.42. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The stock has a market cap of $12.59 billion, a PE ratio of 50.14, a P/E/G ratio of 0.29 and a beta of 1.18.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same quarter last year, the business posted $1.16 EPS. As a group, equities research analysts forecast that Corebridge Financial, Inc. will post 4.91 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 annualized dividend and a yield of 3.6%. Corebridge Financial’s dividend payout ratio (DPR) is presently 181.82%.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.