Legal & General Group Plc Boosts Stake in Corebridge Financial, Inc. $CRBG

Legal & General Group Plc boosted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 14.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 901,557 shares of the company’s stock after acquiring an additional 114,439 shares during the period. Legal & General Group Plc owned 0.17% of Corebridge Financial worth $27,200,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CRBG. Goldman Sachs Group Inc. boosted its holdings in shares of Corebridge Financial by 229.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after purchasing an additional 905,918 shares during the last quarter. Focus Partners Wealth acquired a new position in Corebridge Financial during the first quarter worth $384,000. Creative Planning purchased a new stake in Corebridge Financial in the 2nd quarter valued at $243,000. EverSource Wealth Advisors LLC increased its stake in shares of Corebridge Financial by 58.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock worth $162,000 after acquiring an additional 1,688 shares during the last quarter. Finally, Cerity Partners LLC raised its holdings in shares of Corebridge Financial by 64.4% during the 2nd quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock worth $3,286,000 after acquiring an additional 36,239 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CRBG. Morgan Stanley cut their price target on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a report on Tuesday, March 3rd. UBS Group decreased their price target on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 28th. Weiss Ratings downgraded Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Zacks Research lowered shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday, May 6th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.17.

Corebridge Financial Trading Down 0.1%

NYSE CRBG opened at $26.97 on Monday. The firm has a 50 day simple moving average of $25.91 and a 200-day simple moving average of $28.12. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $36.57. The firm has a market cap of $12.32 billion, a price-to-earnings ratio of 49.03, a PEG ratio of 0.29 and a beta of 1.14.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter last year, the company earned $1.16 earnings per share. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.89 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders 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 annualized dividend and a yield of 3.7%. Corebridge Financial’s dividend payout ratio is 181.82%.

About Corebridge Financial

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.