Citigroup Inc. Purchases 22,444 Shares of Corebridge Financial, Inc. $CRBG

Citigroup Inc. grew its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 26.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 105,750 shares of the company’s stock after purchasing an additional 22,444 shares during the quarter. Citigroup Inc.’s holdings in Corebridge Financial were worth $3,389,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Corebridge Financial by 7.2% during the 3rd quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after purchasing an additional 1,805,819 shares during the period. Pzena Investment Management LLC boosted its position in shares of Corebridge Financial by 19.3% in the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock valued at $715,651,000 after acquiring an additional 3,605,498 shares during the period. LSV Asset Management grew its stake in shares of Corebridge Financial by 2.1% in the third quarter. LSV Asset Management now owns 4,685,535 shares of the company’s stock worth $150,171,000 after acquiring an additional 98,435 shares during the last quarter. Norges Bank bought a new position in Corebridge Financial during the second quarter worth $145,632,000. Finally, Donald Smith & CO. Inc. raised its stake in Corebridge Financial by 1.8% during the 2nd quarter. Donald Smith & CO. Inc. now owns 4,083,348 shares of the company’s stock valued at $144,959,000 after purchasing an additional 72,664 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on CRBG shares. JPMorgan Chase & Co. decreased their price target on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research report on Monday, January 5th. Weiss Ratings downgraded Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. Barclays lowered their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 10th. Morgan Stanley cut their target price on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Tuesday. Finally, Zacks Research cut Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 27th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $37.40.

Corebridge Financial Stock Down 0.9%

Shares of NYSE CRBG opened at $26.20 on Friday. The firm’s 50-day simple moving average is $29.85 and its 200 day simple moving average is $31.07. The company has a market cap of $12.62 billion, a price-to-earnings ratio of -49.43, a price-to-earnings-growth ratio of 0.38 and a beta of 1.11. 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, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, February 9th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The firm had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $5.02 billion. During the same quarter last year, the company posted $1.06 EPS. On average, research analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal 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 issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 3.8%. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio (DPR) is currently -188.68%.

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.