Retirement Systems of Alabama Purchases 58,200 Shares of Corebridge Financial, Inc. $CRBG

Retirement Systems of Alabama raised its position in Corebridge Financial, Inc. (NYSE:CRBG) by 77.9% in the 3rd quarter, Holdings Channel reports. The firm owned 132,900 shares of the company’s stock after buying an additional 58,200 shares during the quarter. Retirement Systems of Alabama’s holdings in Corebridge Financial were worth $4,259,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Corebridge Financial by 4.7% in the third quarter. Envestnet Portfolio Solutions Inc. now owns 26,024 shares of the company’s stock worth $834,000 after purchasing an additional 1,162 shares during the period. Rakuten Investment Management Inc. purchased a new position in Corebridge Financial during the third quarter worth about $560,000. Root Financial Partners LLC bought a new position in Corebridge Financial in the 3rd quarter worth about $32,000. Allstate Corp purchased a new stake in shares of Corebridge Financial in the 3rd quarter valued at about $360,000. Finally, Amalgamated Bank raised its holdings in shares of Corebridge Financial by 5.4% in the 3rd quarter. Amalgamated Bank now owns 12,982 shares of the company’s stock valued at $416,000 after acquiring an additional 667 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $30.78 on Friday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.77. The stock has a market cap of $16.02 billion, a PE ratio of 18.32, a PEG ratio of 0.43 and a beta of 1.04. The company’s fifty day moving average is $30.44 and its 200 day moving average is $31.96. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). The business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The business’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.23 earnings per share. Research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were given a $0.24 dividend. The ex-dividend date was Wednesday, December 17th. This represents a $0.96 annualized dividend and a yield of 3.1%. Corebridge Financial’s payout ratio is presently 57.14%.

Analyst Ratings Changes

Several research analysts recently weighed in on CRBG shares. Wolfe Research initiated coverage on shares of Corebridge Financial in a research report on Friday, October 10th. They issued a “peer perform” rating on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a report on Thursday, October 9th. Zacks Research downgraded shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 27th. Barclays cut their target price on shares of Corebridge Financial from $39.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, January 8th. Finally, Wells Fargo & Company lowered their price target on Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $37.70.

About Corebridge Financial

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.