Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. decreased its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 36.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 73,749 shares of the company’s stock after selling 42,640 shares during the period. Assenagon Asset Management S.A.’s holdings in Corebridge Financial were worth $2,328,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CRBG. Norges Bank acquired a new position in shares of Corebridge Financial in the 4th quarter worth $283,212,000. Price T Rowe Associates Inc. MD lifted its position in shares of Corebridge Financial by 31.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company’s stock worth $986,539,000 after buying an additional 7,828,929 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Corebridge Financial by 4,624.2% in the fourth quarter. Wellington Management Group LLP now owns 3,707,960 shares of the company’s stock worth $110,979,000 after buying an additional 3,629,472 shares during the last quarter. Pzena Investment Management LLC lifted its position in shares of Corebridge Financial by 222.9% during the 4th quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company’s stock worth $138,829,000 after purchasing an additional 3,202,145 shares during the last quarter. Finally, LSV Asset Management acquired a new position in shares of Corebridge Financial during the 4th quarter worth about $85,786,000. Institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CRBG. Piper Sandler boosted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Wednesday, May 7th. Wall Street Zen upgraded Corebridge Financial from a “sell” rating to a “hold” rating in a research note on Friday, June 6th. Wells Fargo & Company boosted their price target on Corebridge Financial from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. Finally, Barclays boosted their price target on Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Corebridge Financial Trading Up 0.8%

CRBG stock opened at $32.31 on Tuesday. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $35.36. The firm has a market cap of $17.76 billion, a P/E ratio of 8.55, a P/E/G ratio of 0.43 and a beta of 1.04. The business’s 50 day moving average is $30.90 and its 200-day moving average is $31.33. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.01. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. The company had revenue of $4.74 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period in the prior year, the company posted $1.10 EPS. Equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.97%. Corebridge Financial’s dividend payout ratio (DPR) is presently 81.36%.

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.