Swedbank AB Has $2.78 Million Stock Position in Corebridge Financial, Inc. $CRBG

Swedbank AB reduced its position in Corebridge Financial, Inc. (NYSE:CRBG) by 48.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 92,074 shares of the company’s stock after selling 87,211 shares during the period. Swedbank AB’s holdings in Corebridge Financial were worth $2,778,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake in Corebridge Financial by 17.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 5,529 shares of the company’s stock valued at $167,000 after purchasing an additional 803 shares during the last quarter. Legato Capital Management LLC acquired a new stake in Corebridge Financial in the 4th quarter valued at about $755,000. LSV Asset Management lifted its stake in Corebridge Financial by 0.8% in the 4th quarter. LSV Asset Management now owns 4,723,828 shares of the company’s stock valued at $142,518,000 after purchasing an additional 38,293 shares during the last quarter. Pzena Investment Management LLC lifted its stake in Corebridge Financial by 5.8% in the 4th quarter. Pzena Investment Management LLC now owns 23,632,410 shares of the company’s stock valued at $712,990,000 after purchasing an additional 1,303,211 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. acquired a new stake in Corebridge Financial in the 4th quarter valued at about $214,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Trading Down 1.7%

Shares of CRBG stock opened at $26.89 on Thursday. The firm has a 50 day moving average price of $25.80 and a two-hundred day moving average price of $28.17. 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 company has a market capitalization of $12.28 billion, a PE ratio of 48.90, a price-to-earnings-growth ratio of 0.30 and a beta of 1.18. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.57.

Corebridge Financial (NYSE:CRBG) last released its quarterly 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). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the firm posted $1.16 earnings per share. As a group, analysts predict that Corebridge Financial, Inc. will post 4.88 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial’s payout ratio is presently 181.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. UBS Group cut their target price on shares of Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a research note on Tuesday, April 28th. Barclays cut their price objective on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a research report on Wednesday, April 8th. JPMorgan Chase & Co. cut their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. TD Cowen cut their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.17.

Corebridge Financial 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.