BNP Paribas Financial Markets Grows Position in Corebridge Financial, Inc. $CRBG

BNP Paribas Financial Markets boosted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 211.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 458,724 shares of the company’s stock after purchasing an additional 311,534 shares during the period. BNP Paribas Financial Markets’ holdings in Corebridge Financial were worth $13,840,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

CRBG has been the subject of several analyst reports. Weiss Ratings cut shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. TD Cowen cut their price target on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. Mizuho boosted their price target on shares of Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Barclays cut 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. Finally, Zacks Research lowered shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.17.

Corebridge Financial Trading Up 0.2%

NYSE CRBG opened at $26.90 on Monday. The firm’s 50-day moving average is $26.21 and its two-hundred day moving average is $28.03. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.57. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market capitalization of $12.29 billion, a P/E ratio of 48.92, a PEG ratio of 0.29 and a beta of 1.14.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period in the previous year, the company earned $1.16 EPS. On average, sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.89 earnings per share for the current year.

Corebridge Financial Dividend Announcement

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 dividend of $0.25 per share. 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 currently 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.