Commonwealth of Pennsylvania Public School Empls Retrmt SYS Makes New Investment in Corebridge Financial, Inc. $CRBG

Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 66,900 shares of the company’s stock, valued at approximately $2,018,000.

A number of other large investors have also added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted its stake in shares of Corebridge Financial by 211.7% during the 4th quarter. BNP Paribas Financial Markets now owns 458,724 shares of the company’s stock worth $13,840,000 after acquiring an additional 311,534 shares during the last quarter. Forsta AP Fonden boosted its stake in shares of Corebridge Financial by 4.6% during the 4th quarter. Forsta AP Fonden now owns 59,500 shares of the company’s stock worth $1,795,000 after acquiring an additional 2,600 shares during the last quarter. Norges Bank purchased a new position in shares of Corebridge Financial during the 4th quarter worth $611,550,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Corebridge Financial during the 4th quarter worth $13,635,000. Finally, National Pension Service boosted its stake in shares of Corebridge Financial by 87.9% during the 4th quarter. National Pension Service now owns 4,159 shares of the company’s stock worth $125,000 after acquiring an additional 1,945 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of analyst reports. Morgan Stanley lowered their target price on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 3rd. Piper Sandler lowered their target price on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. Bank of America lowered their target price on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. TD Cowen lowered their target price on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Finally, Mizuho lifted their target price on shares of Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and an average price target of $35.17.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $26.90 on Friday. The company’s 50-day moving average price is $26.21 and its 200-day moving average price is $28.03. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve 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 company has a market cap of $12.29 billion, a PE ratio of 48.92, a price-to-earnings-growth ratio of 0.29 and a beta of 1.14.

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

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is presently 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.