Mirae Asset Global Investments Co. Ltd. Grows Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Mirae Asset Global Investments Co. Ltd. grew its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 196.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 44,207 shares of the company’s stock after acquiring an additional 29,315 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Corebridge Financial were worth $958,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Factory Mutual Insurance Co. lifted its stake in shares of Corebridge Financial by 47.1% in the 4th quarter. Factory Mutual Insurance Co. now owns 1,028,200 shares of the company’s stock valued at $22,271,000 after purchasing an additional 329,200 shares during the period. Denali Advisors LLC purchased a new position in shares of Corebridge Financial in the 4th quarter valued at approximately $529,000. Artemis Investment Management LLP purchased a new position in shares of Corebridge Financial in the 4th quarter valued at approximately $18,378,000. Raymond James & Associates lifted its stake in shares of Corebridge Financial by 19.6% in the 4th quarter. Raymond James & Associates now owns 44,270 shares of the company’s stock valued at $959,000 after purchasing an additional 7,267 shares during the period. Finally, Renaissance Capital LLC raised its stake in Corebridge Financial by 95.6% during the fourth quarter. Renaissance Capital LLC now owns 146,083 shares of the company’s stock valued at $3,164,000 after buying an additional 71,417 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Shares of CRBG opened at $27.33 on Wednesday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial, Inc. has a one year low of $14.91 and a one year high of $29.40. The firm has a market capitalization of $17.01 billion, a P/E ratio of 16.17, a PEG ratio of 0.31 and a beta of 0.86. The business has a fifty day moving average of $26.28 and a 200 day moving average of $23.36.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Thursday, February 15th. The company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.05. Corebridge Financial had a return on equity of 23.11% and a net margin of 5.92%. The business had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.65 billion. During the same quarter in the previous year, the company posted $0.88 earnings per share. Corebridge Financial’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.82 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.37%. The ex-dividend date was Thursday, March 14th. Corebridge Financial’s dividend payout ratio is presently 54.44%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CRBG. Piper Sandler lifted their price objective on Corebridge Financial from $30.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. Evercore ISI lifted their target price on Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Wells Fargo & Company lifted their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. The Goldman Sachs Group lifted their target price on Corebridge Financial from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Finally, UBS Group lifted their target price on Corebridge Financial from $22.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.08.

Corebridge Financial Profile

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.