Sumitomo Mitsui Trust Group Inc. Raises Stock Position in Corebridge Financial, Inc. $CRBG

Sumitomo Mitsui Trust Group Inc. grew its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 3.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 512,114 shares of the company’s stock after purchasing an additional 17,787 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.10% of Corebridge Financial worth $16,413,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CRBG. Assenagon Asset Management S.A. lifted its stake in Corebridge Financial by 928.9% during the third quarter. Assenagon Asset Management S.A. now owns 68,226 shares of the company’s stock worth $2,187,000 after purchasing an additional 61,595 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in shares of Corebridge Financial by 42.5% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 705,500 shares of the company’s stock valued at $22,611,000 after purchasing an additional 210,400 shares during the last quarter. AXQ Capital LP purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at about $682,000. Asset Management One Co. Ltd. lifted its position in Corebridge Financial by 43.1% in the 3rd quarter. Asset Management One Co. Ltd. now owns 140,042 shares of the company’s stock worth $4,488,000 after buying an additional 42,185 shares during the last quarter. Finally, Pzena Investment Management LLC boosted its stake in Corebridge Financial by 132.6% in the second quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock worth $664,691,000 after buying an additional 10,673,099 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

CRBG stock opened at $30.55 on Friday. The stock has a market capitalization of $15.90 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 0.44 and a beta of 1.04. The firm’s 50-day moving average price is $30.14 and its two-hundred day moving average price is $32.28. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its 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). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The business had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the business earned $1.23 earnings per share. The firm’s revenue for the quarter was up 34.2% compared to the same quarter last year. As a group, equities analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Wednesday, December 17th. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. Corebridge Financial’s payout ratio is 57.14%.

Analysts Set New Price Targets

Several research firms have commented on CRBG. Wolfe Research began coverage on shares of Corebridge Financial in a research note on Friday, October 10th. They set a “peer perform” rating on the stock. Wells Fargo & Company decreased their target price on shares of Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Keefe, Bruyette & Woods lowered their price target on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Weiss Ratings cut Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday. Finally, Mizuho assumed coverage on Corebridge Financial in a report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price objective on the stock. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.70.

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.