Pictet Asset Management Holding SA Has $2.67 Million Stake in Corebridge Financial, Inc. $CRBG

Pictet Asset Management Holding SA cut its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 34.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 112,104 shares of the company’s stock after selling 60,195 shares during the period. Pictet Asset Management Holding SA’s holdings in Corebridge Financial were worth $2,673,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bank of Nova Scotia grew its stake in Corebridge Financial by 3.8% in the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after purchasing an additional 340 shares in the last quarter. Severin Investments LLC boosted its holdings in Corebridge Financial by 1.4% in the third quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock worth $794,000 after purchasing an additional 350 shares in the last quarter. Integrated Wealth Concepts LLC increased its position in Corebridge Financial by 2.5% during the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock worth $494,000 after buying an additional 383 shares during the last quarter. True Wealth Design LLC lifted its position 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 buying an additional 412 shares during the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of Corebridge Financial by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock worth $141,000 after acquiring an additional 435 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CRBG shares. Bank of America decreased their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Weiss Ratings lowered Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Mizuho increased their target price on Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Finally, UBS Group lowered 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. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $34.36.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $29.74 on Monday. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.57. The firm has a market cap of $13.26 billion, a PE ratio of 54.07, a price-to-earnings-growth ratio of 0.33 and a beta of 1.10. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. The business has a fifty day moving average of $27.71 and a 200-day moving average of $27.87.

Corebridge Financial (NYSE:CRBG) last announced 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 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 analyst estimates of $5.06 billion. During the same quarter in the prior year, the company earned $1.16 earnings per share. On average, equities research analysts predict that Corebridge Financial, Inc. will post 4.75 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.4%. Corebridge Financial’s dividend payout ratio is 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.