Elo Mutual Pension Insurance Co Buys Shares of 26,266 Corebridge Financial, Inc. $CRBG

Elo Mutual Pension Insurance Co bought a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 26,266 shares of the company’s stock, valued at approximately $842,000.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Corebridge Financial by 7.2% during the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock worth $859,963,000 after buying an additional 1,805,819 shares during the last quarter. Algebris UK Ltd. lifted its position in shares of Corebridge Financial by 31.4% in the third quarter. Algebris UK Ltd. now owns 1,393,378 shares of the company’s stock worth $44,624,000 after buying an additional 333,245 shares during the last quarter. Machina Capital S.A.S. acquired a new stake in shares of Corebridge Financial in the third quarter worth about $1,182,000. Assenagon Asset Management S.A. boosted its stake in shares of Corebridge Financial by 928.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 68,226 shares of the company’s stock worth $2,187,000 after acquiring an additional 61,595 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its stake in shares of Corebridge Financial by 77.9% during the 3rd quarter. Retirement Systems of Alabama now owns 132,900 shares of the company’s stock worth $4,259,000 after acquiring an additional 58,200 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. lowered their price objective on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a report on Monday, January 5th. Zacks Research lowered Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 27th. Wells Fargo & Company lowered their price target on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. Morgan Stanley dropped their price target on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, UBS Group reduced their price objective on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $37.40.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $25.37 on Friday. The stock has a 50 day moving average of $29.75 and a two-hundred day moving average of $31.01. The company has a current ratio of 0.12, a quick 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. The company has a market capitalization of $12.22 billion, a P/E ratio of -47.87, a P/E/G ratio of 0.37 and a beta of 1.11.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, February 9th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. The business had revenue of $6.34 billion for the quarter, compared to analysts’ expectations 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 period in the previous year, the business posted $1.06 earnings per share. As a group, equities analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a dividend of $0.25 per share. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Tuesday, March 17th. Corebridge Financial’s dividend payout ratio is presently -181.13%.

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.