Citigroup Inc. Purchases 22,444 Shares of Corebridge Financial, Inc. $CRBG

Citigroup Inc. boosted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 26.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 105,750 shares of the company’s stock after purchasing an additional 22,444 shares during the quarter. Citigroup Inc.’s holdings in Corebridge Financial were worth $3,389,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in shares of Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after purchasing an additional 905,918 shares during the last quarter. Focus Partners Wealth bought a new position in Corebridge Financial in the first quarter valued at approximately $384,000. Nisa Investment Advisors LLC grew its holdings in Corebridge Financial by 86.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock worth $46,000 after acquiring an additional 603 shares during the period. Teacher Retirement System of Texas grew its holdings in Corebridge Financial by 2.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 38,105 shares of the company’s stock worth $1,353,000 after acquiring an additional 819 shares during the period. Finally, Assetmark Inc. raised its position in shares of Corebridge Financial by 60.9% during the 2nd quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after acquiring an additional 356 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $26.20 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The company’s 50 day moving average price is $29.85 and its two-hundred day moving average price is $31.07. The company has a market capitalization of $12.62 billion, a P/E ratio of -49.43, a price-to-earnings-growth ratio of 0.38 and a beta of 1.11.

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

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, March 17th. This represents a $1.00 dividend on an annualized basis and a yield of 3.8%. Corebridge Financial’s dividend payout ratio is currently -188.68%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CRBG. Weiss Ratings lowered Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Morgan Stanley reduced their target price on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday. Barclays lowered their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Tuesday, February 10th. Wells Fargo & Company reduced their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. Finally, UBS Group decreased their price objective on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. 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. Based on data from MarketBeat, Corebridge Financial has an average rating of “Hold” and an average price target of $37.40.

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.