OP Asset Management Ltd Purchases Shares of 57,446 Corebridge Financial, Inc. $CRBG

OP Asset Management Ltd acquired a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 57,446 shares of the company’s stock, valued at approximately $1,371,000.

A number of other institutional investors also recently modified their holdings of CRBG. Norges Bank bought a new position in Corebridge Financial in the 4th quarter valued at $611,550,000. State Street Corp grew its holdings in shares of Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after purchasing an additional 3,465,371 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Corebridge Financial by 91.5% during the fourth quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock worth $178,340,000 after purchasing an additional 2,823,801 shares during the last quarter. Amundi increased its stake in shares of Corebridge Financial by 227.7% in the fourth quarter. Amundi now owns 3,551,944 shares of the company’s stock valued at $107,162,000 after buying an additional 2,467,981 shares in the last quarter. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Corebridge Financial in the third quarter valued at $69,738,000. Institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on CRBG. Bank of America decreased their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. UBS Group dropped their target price on shares of Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a research note on Tuesday, April 28th. JPMorgan Chase & Co. reduced their target price on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 12th. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Barclays lowered their price target on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a report on Wednesday, April 8th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average target price of $34.36.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $28.88 on Tuesday. The firm has a market cap of $12.87 billion, a price-to-earnings ratio of 52.50, a PEG ratio of 0.32 and a beta of 1.14. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The stock has a 50-day moving average price of $27.50 and a 200 day moving average price of $27.94.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same period last year, the business posted $1.16 EPS. Research analysts expect that Corebridge Financial, Inc. will post 4.75 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.5%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is currently 181.82%.

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.