Algebris UK Ltd. Has $44.62 Million Stake in Corebridge Financial, Inc. $CRBG

Algebris UK Ltd. boosted its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 31.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,393,378 shares of the company’s stock after acquiring an additional 333,245 shares during the quarter. Corebridge Financial accounts for approximately 5.1% of Algebris UK Ltd.’s investment portfolio, making the stock its 2nd biggest holding. Algebris UK Ltd. owned 0.26% of Corebridge Financial worth $44,624,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. IFP Advisors Inc raised its stake in shares of Corebridge Financial by 1,223.6% in the second quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after purchasing an additional 673 shares during the last quarter. Allworth Financial LP purchased a new position in shares of Corebridge Financial during the second quarter valued at approximately $26,000. Root Financial Partners LLC bought a new stake in Corebridge Financial during the third quarter worth $32,000. Assetmark Inc. grew its holdings in Corebridge Financial by 60.9% during the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock worth $33,000 after buying an additional 356 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in Corebridge Financial by 86.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock valued at $46,000 after buying an additional 603 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CRBG shares. JPMorgan Chase & Co. cut their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a report on Monday, January 5th. UBS Group dropped their price target on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Morgan Stanley restated an “equal weight” rating and set a $33.00 price target (down from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Mizuho initiated coverage on shares of Corebridge Financial in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price objective for the company. Finally, Evercore ISI decreased their price objective on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.70.

Corebridge Financial Price Performance

NYSE CRBG opened at $30.07 on Monday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.77. The company has a market cap of $15.65 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 0.43 and a beta of 1.04. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The firm’s 50-day simple moving average is $30.17 and its two-hundred day simple moving average is $32.08.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.12). The business had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.Corebridge Financial’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.23 EPS. Research analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. Corebridge Financial’s payout ratio is presently 57.14%.

Corebridge Financial Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.