Bruni J V & Co. Co. Purchases New Position in Corebridge Financial, Inc. $CRBG

Bruni J V & Co. Co. purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 404,572 shares of the company’s stock, valued at approximately $12,206,000. Corebridge Financial accounts for 1.2% of Bruni J V & Co. Co.’s investment portfolio, making the stock its 26th largest position. Bruni J V & Co. Co. owned 0.08% of Corebridge Financial at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Corebridge Financial during the fourth quarter worth $2,018,000. BNP Paribas Financial Markets lifted its holdings in Corebridge Financial by 211.7% during the fourth quarter. BNP Paribas Financial Markets now owns 458,724 shares of the company’s stock worth $13,840,000 after buying an additional 311,534 shares during the period. Forsta AP Fonden lifted its holdings in Corebridge Financial by 4.6% during the fourth quarter. Forsta AP Fonden now owns 59,500 shares of the company’s stock worth $1,795,000 after buying an additional 2,600 shares during the period. Norges Bank purchased a new stake in Corebridge Financial during the fourth quarter worth $611,550,000. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in Corebridge Financial during the fourth quarter worth $13,635,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CRBG shares. TD Cowen decreased their price objective on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. Wells Fargo & Company upped their target price on Corebridge Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. UBS Group cut their target price on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 28th. Morgan Stanley cut their target price on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 3rd. Finally, Barclays cut their target price on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 8th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.17.

Corebridge Financial Trading Up 1.4%

Shares of Corebridge Financial stock opened at $26.97 on Friday. The firm has a market capitalization of $12.32 billion, a PE ratio of 49.03, a P/E/G ratio of 0.29 and a beta of 1.18. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.57. The firm’s 50-day moving average price is $25.91 and its 200 day moving average price is $28.14. 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 released its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same period last year, the business earned $1.16 earnings per share. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 4.89 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. Corebridge Financial’s dividend payout ratio (DPR) is currently 181.82%.

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.