Bridgefront Capital LLC Acquires Shares of 23,906 Corebridge Financial, Inc. $CRBG

Bridgefront Capital LLC bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 23,906 shares of the company’s stock, valued at approximately $766,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Corebridge Financial in the 2nd quarter valued at about $145,632,000. Pzena Investment Management LLC increased its position in Corebridge Financial by 19.3% during the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock worth $715,651,000 after buying an additional 3,605,498 shares during the period. Vanguard Group Inc. lifted its stake in Corebridge Financial by 7.2% in the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after buying an additional 1,805,819 shares during the last quarter. Marshall Wace LLP lifted its stake in Corebridge Financial by 16,388.6% in the third quarter. Marshall Wace LLP now owns 1,525,031 shares of the company’s stock valued at $48,877,000 after buying an additional 1,515,782 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after acquiring an additional 905,918 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. UBS Group lowered their target price 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. TD Cowen decreased their price target on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Mizuho began coverage on shares of Corebridge Financial in a research report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price objective on the stock. Morgan Stanley dropped their price objective on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 3rd. Finally, Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $37.09.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $23.48 on Monday. Corebridge Financial, Inc. has a 12 month low of $22.32 and a 12 month 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 has a 50 day simple moving average of $29.11 and a 200-day simple moving average of $30.59. The stock has a market capitalization of $11.31 billion, a PE ratio of -44.29, a price-to-earnings-growth ratio of 0.36 and a beta of 1.12.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.11. The firm had revenue of $6.34 billion during 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 period last year, the company earned $1.06 earnings per share. Equities analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders 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 annualized dividend and a dividend yield of 4.3%. Corebridge Financial’s payout ratio is presently -181.13%.

Corebridge Financial Company 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.