Federated Hermes Inc. Sells 591 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Federated Hermes Inc. lessened its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 1.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 58,510 shares of the company’s stock after selling 591 shares during the period. Federated Hermes Inc.’s holdings in Corebridge Financial were worth $1,267,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CRBG. EverSource Wealth Advisors LLC purchased a new stake in Corebridge Financial during the third quarter valued at approximately $28,000. Cullen Frost Bankers Inc. bought a new position in Corebridge Financial in the 3rd quarter worth $55,000. Loomis Sayles & Co. L P raised its holdings in Corebridge Financial by 1,450.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 6,576 shares of the company’s stock worth $130,000 after purchasing an additional 6,152 shares during the period. CI Investments Inc. lifted its position in Corebridge Financial by 7,879.8% during the third quarter. CI Investments Inc. now owns 9,097 shares of the company’s stock valued at $180,000 after purchasing an additional 8,983 shares in the last quarter. Finally, Crestone Asset Management LLC bought a new stake in Corebridge Financial during the third quarter valued at about $225,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CRBG shares. Evercore ISI lifted their price objective on Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. The Goldman Sachs Group upped their price target on shares of Corebridge Financial from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. Royal Bank of Canada restated an “outperform” rating and set a $32.00 price objective on shares of Corebridge Financial in a research report on Friday, April 12th. Wells Fargo & Company upped their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Finally, Piper Sandler increased their price target on Corebridge Financial from $30.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $29.08.

Corebridge Financial Stock Up 0.6 %

CRBG opened at $26.91 on Tuesday. The company has a market capitalization of $16.75 billion, a PE ratio of 15.92, a price-to-earnings-growth ratio of 0.31 and a beta of 0.86. The firm has a 50-day simple moving average of $26.43 and a two-hundred day simple moving average of $23.54. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.92. Corebridge Financial, Inc. has a 52 week low of $14.91 and a 52 week high of $29.40.

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

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date was Thursday, March 14th. Corebridge Financial’s dividend payout ratio (DPR) is presently 54.44%.

Corebridge Financial Company 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.