Geode Capital Management LLC Increases Holdings in Corebridge Financial, Inc. $CRBG

Geode Capital Management LLC grew its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 10.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,139,404 shares of the company’s stock after acquiring an additional 490,003 shares during the period. Geode Capital Management LLC owned about 0.99% of Corebridge Financial worth $154,607,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in CRBG. Community Bank N.A. bought a new stake in shares of Corebridge Financial in the third quarter worth about $26,000. Salomon & Ludwin LLC increased its holdings in shares of Corebridge Financial by 179.7% in the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after purchasing an additional 532 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Corebridge Financial by 83.6% in the third 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 last quarter. True Wealth Design LLC increased its holdings in shares of Corebridge Financial by 50.2% in the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after purchasing an additional 412 shares during the last quarter. Finally, Assetmark Inc. increased its holdings in shares of Corebridge Financial by 47.7% in the third quarter. Assetmark Inc. now owns 1,390 shares of the company’s stock worth $45,000 after purchasing an additional 449 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Trading Down 4.2%

Shares of NYSE CRBG opened at $25.93 on Thursday. The business’s 50 day moving average is $26.10 and its two-hundred day moving average is $28.05. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.57. The stock has a market capitalization of $11.84 billion, a P/E ratio of 47.14, a PEG ratio of 0.29 and a beta of 1.14.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the previous year, the firm earned $1.16 earnings per share. As a group, research analysts expect that Corebridge Financial, Inc. will post 4.89 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.9%. Corebridge Financial’s dividend payout ratio is currently 181.82%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CRBG. Zacks Research cut Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. UBS Group reduced their target price on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating on the stock in a report on Tuesday, April 28th. JPMorgan Chase & Co. reduced their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Barclays reduced their target price on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating on the stock in a report on Wednesday, April 8th. Finally, Bank of America reduced their price objective on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. 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 company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.17.

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.