Brevan Howard Capital Management LP Makes New $758,000 Investment in Corebridge Financial, Inc. (NYSE:CRBG)

Brevan Howard Capital Management LP purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 25,330 shares of the company’s stock, valued at approximately $758,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fortitude Family Office LLC acquired a new stake in shares of Corebridge Financial in the 4th quarter worth $27,000. Smartleaf Asset Management LLC grew its stake 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 acquiring an additional 480 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in shares of Corebridge Financial during the fourth quarter valued at about $27,000. Oarsman Capital Inc. purchased a new position in shares of Corebridge Financial in the 4th quarter valued at approximately $30,000. Finally, Blue Trust Inc. raised its position in shares of Corebridge Financial by 183.2% in the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock valued at $33,000 after purchasing an additional 729 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and increased their price target for the stock from $33.00 to $40.00 in a report on Friday, January 10th. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective for the company. UBS Group lowered shares of Corebridge Financial from a “buy” rating to a “sell” rating and cut their price objective for the stock from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Corebridge Financial from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.62.

Corebridge Financial Stock Performance

CRBG opened at $31.31 on Friday. The firm’s fifty day simple moving average is $30.06 and its two-hundred day simple moving average is $31.14. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $35.36. The company has a market cap of $17.29 billion, a price-to-earnings ratio of 8.28, a PEG ratio of 0.43 and a beta of 1.01. 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 (NYSE:CRBG) last posted its quarterly earnings data on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.01. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. The company had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period in the previous year, the firm posted $1.10 EPS. Equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

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 paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 3.07%. Corebridge Financial’s dividend payout ratio (DPR) is presently 25.40%.

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.