Avanza Fonder AB Takes Position in Corebridge Financial, Inc. $CRBG

Avanza Fonder AB bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 28,069 shares of the company’s stock, valued at approximately $847,000.

Several other hedge funds have also recently bought and sold shares of CRBG. Allworth Financial LP acquired a new stake in shares of Corebridge Financial in the second quarter worth $26,000. Community Bank N.A. purchased a new position in shares of Corebridge Financial in the 3rd quarter valued at $26,000. Smartleaf Asset Management LLC lifted its holdings in shares of Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after acquiring an additional 377 shares in the last quarter. Root Financial Partners LLC purchased a new stake in Corebridge Financial during the 3rd quarter worth $32,000. Finally, True Wealth Design LLC boosted its position in Corebridge Financial by 50.2% during the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after purchasing an additional 412 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Down 1.0%

Shares of Corebridge Financial stock opened at $23.47 on Wednesday. The business has a 50-day moving average of $28.13 and a 200-day moving average of $30.06. 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 company has a market capitalization of $11.31 billion, a PE ratio of -44.29, a P/E/G ratio of 0.36 and a beta of 1.11. Corebridge Financial, Inc. has a 1-year low of $22.32 and a 1-year high of $36.57.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, topping the consensus estimate 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 quarter in the previous year, the firm posted $1.06 earnings per share. As a group, equities analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders 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. The ex-dividend date is Tuesday, March 17th. This represents a $1.00 annualized dividend and a dividend yield of 4.3%. Corebridge Financial’s dividend payout ratio (DPR) is currently -188.68%.

Analyst Ratings Changes

CRBG has been the topic of several research reports. Morgan Stanley cut their price objective on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 3rd. JPMorgan Chase & Co. decreased their target price on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Monday, January 5th. Barclays lowered their target price on Corebridge Financial from $34.00 to $33.00 and set an “overweight” rating for the company in a research note on Wednesday, March 11th. TD Cowen reduced their price target on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Finally, Zacks Research upgraded 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.09.

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.