BI Asset Management Fondsmaeglerselskab A S Raises Holdings in Corebridge Financial, Inc. $CRBG

BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 593.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,606 shares of the company’s stock after purchasing an additional 44,159 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Corebridge Financial were worth $1,231,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. State of Michigan Retirement System bought a new stake in shares of Corebridge Financial during the 4th quarter valued at $2,130,000. Dimensional Fund Advisors LP lifted its stake in shares of Corebridge Financial by 6.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock valued at $214,372,000 after buying an additional 430,308 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Corebridge Financial by 19.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,518,492 shares of the company’s stock worth $48,712,000 after buying an additional 245,695 shares during the period. Yousif Capital Management LLC raised its holdings in Corebridge Financial by 873.3% during the fourth quarter. Yousif Capital Management LLC now owns 88,066 shares of the company’s stock valued at $2,591,000 after acquiring an additional 79,018 shares during the period. Finally, Retirement Systems of Alabama lifted its position in shares of Corebridge Financial by 241.4% in the fourth quarter. Retirement Systems of Alabama now owns 453,751 shares of the company’s stock valued at $13,690,000 after acquiring an additional 320,851 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on CRBG shares. Morgan Stanley dropped their price target on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 3rd. Mizuho lifted their price objective on shares of Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Keefe, Bruyette & Woods boosted their target price on shares of Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, May 6th. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday. Finally, TD Cowen cut their target price on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $35.17.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $27.96 on Thursday. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week 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 firm’s fifty day moving average is $27.38 and its 200 day moving average is $27.98. The company has a market cap of $12.77 billion, a price-to-earnings ratio of 50.84, a PEG ratio of 0.32 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 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The business had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same period in the previous year, the business earned $1.16 earnings per share. Sell-side analysts forecast that Corebridge Financial, Inc. will post 4.75 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.6%. Corebridge Financial’s dividend payout ratio is 181.82%.

About Corebridge Financial

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.