Artisan Partners Limited Partnership Lowers Stake in Corebridge Financial, Inc. $CRBG

Artisan Partners Limited Partnership lessened its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 3.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,532,720 shares of the company’s stock after selling 57,187 shares during the quarter. Artisan Partners Limited Partnership owned about 0.29% of Corebridge Financial worth $49,124,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allworth Financial LP purchased a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $26,000. Smartleaf Asset Management LLC boosted its holdings in Corebridge Financial by 83.6% in the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after acquiring an additional 377 shares in the last quarter. Assetmark Inc. grew its stake in shares of Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock worth $33,000 after acquiring an additional 356 shares during the last quarter. Root Financial Partners LLC bought a new position in shares of Corebridge Financial during the third quarter valued at $32,000. Finally, Nisa Investment Advisors LLC raised its position in shares of Corebridge Financial by 86.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock worth $46,000 after purchasing an additional 603 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the subject of a number of analyst reports. Barclays reduced their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Tuesday, February 10th. Weiss Ratings downgraded shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Wells Fargo & Company lowered their price objective on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. cut their target price on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Monday, January 5th. Finally, Zacks Research downgraded Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 27th. 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 data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $37.50.

Corebridge Financial Price Performance

NYSE CRBG opened at $25.82 on Friday. The stock has a market capitalization of $12.44 billion, a price-to-earnings ratio of -48.71, a PEG ratio of 0.39 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 debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. The business’s fifty day moving average price is $30.23 and its 200-day moving average price is $31.30.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, February 9th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.11 by $0.11. The company had revenue of $6.34 billion during the quarter, compared to analyst estimates 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 posted $1.06 earnings per share. On average, equities analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.9%. Corebridge Financial’s payout ratio is -188.68%.

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.