Corebridge Financial, Inc. $CRBG Stock Position Increased by CenterBook Partners LP

CenterBook Partners LP grew its position in Corebridge Financial, Inc. (NYSE:CRBG) by 155.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 53,165 shares of the company’s stock after purchasing an additional 32,377 shares during the period. CenterBook Partners LP’s holdings in Corebridge Financial were worth $1,704,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. IFP Advisors Inc boosted its position in shares of Corebridge Financial by 1,223.6% during the second quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after buying an additional 673 shares during the period. Allworth Financial LP bought a new stake in Corebridge Financial during the 2nd quarter valued at $26,000. Smartleaf Asset Management LLC boosted its position in Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after acquiring an additional 377 shares during the period. Root Financial Partners LLC bought a new position in shares of Corebridge Financial in the third quarter worth $32,000. Finally, Assetmark Inc. increased its holdings in shares of Corebridge Financial by 60.9% during the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after purchasing an additional 356 shares during the period. Institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Barclays dropped their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 10th. UBS Group cut their target price on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Wells Fargo & Company decreased their price target on Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. Mizuho started coverage on Corebridge Financial in a research note on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price objective on the stock. Finally, Weiss Ratings cut Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Corebridge Financial currently has a consensus rating of “Hold” and an average price target of $37.60.

Corebridge Financial Trading Down 3.1%

NYSE:CRBG opened at $30.07 on Friday. The stock has a fifty day simple moving average of $30.67 and a 200 day simple moving average of $31.56. The firm has a market capitalization of $14.48 billion, a price-to-earnings ratio of -56.73, a price-to-earnings-growth ratio of 0.41 and a beta of 1.04. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, February 9th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.11. The firm had revenue of $6.34 billion for the quarter, compared to the consensus estimate of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same quarter in the previous year, the company earned $1.06 EPS. Sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio is presently -181.13%.

About Corebridge Financial

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.