Corebridge Financial, Inc. $CRBG Shares Purchased by Cambria Investment Management L.P.

Cambria Investment Management L.P. boosted its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 1,706.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 295,624 shares of the company’s stock after buying an additional 279,257 shares during the period. Cambria Investment Management L.P. owned approximately 0.06% of Corebridge Financial worth $9,475,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Allworth Financial LP purchased a new position in shares of Corebridge Financial in the 2nd quarter valued at $26,000. Community Bank N.A. purchased a new stake in Corebridge Financial during the 3rd quarter worth $26,000. Smartleaf Asset Management LLC boosted 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 purchasing an additional 377 shares during the period. Root Financial Partners LLC acquired a new stake in Corebridge Financial in the 3rd quarter valued at $32,000. Finally, Assetmark Inc. increased its holdings in Corebridge Financial by 47.7% in the 3rd quarter. Assetmark Inc. now owns 1,390 shares of the company’s stock valued at $45,000 after purchasing an additional 449 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CRBG. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Morgan Stanley dropped 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, March 3rd. Mizuho assumed coverage on Corebridge Financial in a research report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price target on the stock. Wells Fargo & Company decreased their price target on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating for the company in a report on Wednesday, February 25th. Finally, Barclays lowered their price objective on shares of Corebridge Financial from $34.00 to $33.00 and set an “overweight” rating for the company in a research report on Wednesday, March 11th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $37.09.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $23.87 on Thursday. Corebridge Financial, Inc. has a 52 week low of $22.32 and a 52 week 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 0.11. The stock has a market cap of $11.50 billion, a P/E ratio of -45.03, a price-to-earnings-growth ratio of 0.37 and a beta of 1.11. The stock has a 50 day moving average of $28.70 and a 200-day moving average of $30.39.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. The business 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 company earned $1.06 earnings per share. On average, analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 4.2%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio (DPR) is -188.68%.

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.