New Mexico Educational Retirement Board Makes New Investment in Corebridge Financial, Inc. $CRBG

New Mexico Educational Retirement Board acquired a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 54,800 shares of the company’s stock, valued at approximately $1,653,000.

A number of other hedge funds also recently added to or reduced their stakes in CRBG. Community Bank N.A. acquired a new stake in Corebridge Financial during the 3rd quarter worth approximately $26,000. Salomon & Ludwin LLC lifted its position in Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after acquiring an additional 532 shares during the period. Smartleaf Asset Management LLC lifted its position in Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after acquiring an additional 377 shares during the period. Rothschild Investment LLC lifted its position in Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares during the period. Finally, True Wealth Design LLC lifted its position in Corebridge Financial by 50.2% during the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after acquiring an additional 412 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on CRBG. Wells Fargo & Company increased their price objective on Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Piper Sandler cut their target price on Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a research note on Tuesday, May 26th. JPMorgan Chase & Co. cut their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. Bank of America cut their target price on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Finally, Weiss Ratings downgraded Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.17.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $27.03 on Wednesday. The company has a market cap of $12.35 billion, a price-to-earnings ratio of 49.15, a price-to-earnings-growth ratio of 0.29 and a beta of 1.14. The stock has a 50 day simple moving average of $25.98 and a 200-day simple moving average of $28.10. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.57. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same period last year, the company posted $1.16 earnings per share. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.89 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 181.82%.

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.