Allspring Global Investments Holdings LLC Grows Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Allspring Global Investments Holdings LLC grew its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 291,290 shares of the company’s stock after purchasing an additional 5,026 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Corebridge Financial were worth $6,309,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its position in Corebridge Financial by 16.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,725,378 shares of the company’s stock worth $299,982,000 after acquiring an additional 2,677,024 shares in the last quarter. Vanguard Group Inc. grew its position in Corebridge Financial by 10.1% in the third quarter. Vanguard Group Inc. now owns 17,064,429 shares of the company’s stock worth $337,022,000 after acquiring an additional 1,566,275 shares in the last quarter. Norges Bank purchased a new position in Corebridge Financial in the fourth quarter worth $115,410,000. Zimmer Partners LP grew its position in Corebridge Financial by 16.5% in the second quarter. Zimmer Partners LP now owns 5,304,617 shares of the company’s stock worth $93,680,000 after acquiring an additional 750,621 shares in the last quarter. Finally, TD Asset Management Inc grew its position in Corebridge Financial by 15.0% in the third quarter. TD Asset Management Inc now owns 5,252,950 shares of the company’s stock worth $103,746,000 after acquiring an additional 686,727 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Morgan Stanley upped their target price on shares of Corebridge Financial from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Monday. Royal Bank of Canada restated an “outperform” rating and set a $32.00 price target on shares of Corebridge Financial in a research report on Friday, April 12th. Evercore ISI upped their price target on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Piper Sandler upped their price target on shares of Corebridge Financial from $30.00 to $34.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Finally, The Goldman Sachs Group upped their price target on shares of Corebridge Financial from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Tuesday, January 9th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $29.08.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $26.54 on Friday. The company has a market cap of $16.52 billion, a price-to-earnings ratio of 15.70, a price-to-earnings-growth ratio of 0.32 and a beta of 0.86. The company has a 50-day moving average price of $26.08 and a 200-day moving average price of $23.15. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92. Corebridge Financial, Inc. has a 12 month low of $14.91 and a 12 month high of $29.40.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Thursday, February 15th. The company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.99 by $0.05. The firm had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.65 billion. Corebridge Financial had a net margin of 5.92% and a return on equity of 23.11%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.88 earnings per share. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 4.84 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date was Thursday, March 14th. Corebridge Financial’s payout ratio is currently 54.44%.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.