Victory Capital Management Inc. Acquires 584,809 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Victory Capital Management Inc. increased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 66.4% during the fourth quarter, HoldingsChannel reports. The fund owned 1,464,923 shares of the company’s stock after acquiring an additional 584,809 shares during the quarter. Victory Capital Management Inc.’s holdings in Corebridge Financial were worth $31,730,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of CRBG. Commonwealth Equity Services LLC acquired a new position in Corebridge Financial in the 3rd quarter valued at approximately $391,000. Raymond James & Associates raised its stake in shares of Corebridge Financial by 11.7% in the third quarter. Raymond James & Associates now owns 37,003 shares of the company’s stock valued at $731,000 after purchasing an additional 3,886 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Corebridge Financial by 59.5% in the third quarter. Bank of New York Mellon Corp now owns 451,817 shares of the company’s stock worth $8,923,000 after purchasing an additional 168,569 shares during the period. Mackenzie Financial Corp boosted its stake in Corebridge Financial by 29.2% during the third quarter. Mackenzie Financial Corp now owns 571,589 shares of the company’s stock worth $11,186,000 after buying an additional 129,086 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Corebridge Financial in the 3rd quarter valued at $294,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Trading Up 2.8 %

Shares of NYSE CRBG opened at $30.04 on Wednesday. Corebridge Financial, Inc. has a 1-year low of $16.13 and a 1-year high of $30.04. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92. The company has a 50-day moving average of $26.71 and a two-hundred day moving average of $23.77. The company has a market cap of $18.70 billion, a PE ratio of 7.90, a P/E/G ratio of 0.33 and a beta of 0.96.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.05. The firm had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.50 billion. Corebridge Financial had a return on equity of 24.31% and a net margin of 11.25%. During the same quarter in the prior year, the business earned $0.97 EPS. As a group, equities analysts expect that Corebridge Financial, Inc. will post 4.82 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.92 annualized dividend and a yield of 3.06%. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Analyst Ratings Changes

A number of equities analysts have recently commented on CRBG shares. Evercore ISI raised their price objective on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Morgan Stanley lifted their price objective on Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Keefe, Bruyette & Woods increased their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Wells Fargo & Company boosted their price target on Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Piper Sandler increased their price objective on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average price target of $29.17.

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.