Aster Capital Management DIFC Ltd Acquires New Shares in Corebridge Financial, Inc. $CRBG

Aster Capital Management DIFC Ltd bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 18,343 shares of the company’s stock, valued at approximately $588,000.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Corebridge Financial by 7.2% in the 3rd quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after acquiring an additional 1,805,819 shares during the period. Pzena Investment Management LLC increased its stake in Corebridge Financial by 19.3% in the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock valued at $715,651,000 after purchasing an additional 3,605,498 shares in the last quarter. LSV Asset Management increased its stake in Corebridge Financial by 2.1% in the third quarter. LSV Asset Management now owns 4,685,535 shares of the company’s stock valued at $150,171,000 after purchasing an additional 98,435 shares in the last quarter. Norges Bank acquired a new stake in Corebridge Financial in the second quarter worth $145,632,000. Finally, Donald Smith & CO. Inc. boosted its position in shares of Corebridge Financial by 1.8% during the second quarter. Donald Smith & CO. Inc. now owns 4,083,348 shares of the company’s stock worth $144,959,000 after purchasing an additional 72,664 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

Shares of CRBG opened at $27.88 on Friday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. The company’s fifty day simple moving average is $30.33 and its 200 day simple moving average is $31.35. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The company has a market cap of $13.43 billion, a price-to-earnings ratio of -52.60, a PEG ratio of 0.39 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, February 9th. The company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. The company had revenue of $6.34 billion during the quarter, compared to the consensus estimate of $5.02 billion. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. During the same quarter last year, the firm posted $1.06 EPS. On average, research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.6%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently -181.13%.

Analyst Upgrades and Downgrades

CRBG has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their price objective on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Monday, January 5th. Zacks Research lowered Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 27th. Barclays cut their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, February 10th. UBS Group lowered their target price on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Finally, Weiss Ratings lowered shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $37.50.

Corebridge Financial Company 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.