Aster Capital Management DIFC Ltd Purchases Shares of 18,343 Corebridge Financial, Inc. $CRBG

Aster Capital Management DIFC Ltd acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 18,343 shares of the company’s stock, valued at approximately $588,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP bought a new stake in shares of Corebridge Financial in the second quarter valued at approximately $26,000. Smartleaf Asset Management LLC grew its position in Corebridge Financial by 83.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares during the last quarter. Assetmark Inc. raised its position in shares of Corebridge Financial by 60.9% during the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after buying an additional 356 shares during the last quarter. Root Financial Partners LLC bought a new stake in shares of Corebridge Financial in the third quarter valued at about $32,000. Finally, Nisa Investment Advisors LLC grew its position in Corebridge Financial by 86.1% during the second quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock worth $46,000 after buying an additional 603 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $27.88 on Friday. The firm has a market cap of $13.43 billion, a price-to-earnings ratio of -52.60, a PEG ratio of 0.39 and a beta of 1.04. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average price of $30.33 and a 200 day moving average price of $31.35.

Corebridge Financial (NYSE:CRBG) last released its earnings results 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. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The company had revenue of $6.34 billion for the quarter, compared to the consensus estimate of $5.02 billion. During the same period in the prior year, the company posted $1.06 EPS. Research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS 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. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently -181.13%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CRBG. UBS Group decreased their price objective on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Morgan Stanley restated an “equal weight” rating and issued a $33.00 price objective (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. JPMorgan Chase & Co. decreased their target price 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. Barclays cut their price target 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. Finally, Weiss Ratings cut Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. 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 company. According to MarketBeat.com, Corebridge Financial currently has an average rating of “Hold” and a consensus target price of $37.50.

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.