Hsbc Holdings PLC Has $13.11 Million Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Hsbc Holdings PLC reduced its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 36.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 437,785 shares of the company’s stock after selling 254,092 shares during the period. Hsbc Holdings PLC owned about 0.08% of Corebridge Financial worth $13,112,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Nippon Life Insurance Co. acquired a new position in Corebridge Financial during the fourth quarter valued at approximately $3,650,151,000. Vanguard Group Inc. increased its holdings in Corebridge Financial by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company’s stock worth $716,083,000 after buying an additional 711,857 shares during the last quarter. Norges Bank bought a new stake in Corebridge Financial during the fourth quarter worth $283,212,000. Dimensional Fund Advisors LP lifted its stake in Corebridge Financial by 16.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,457,441 shares of the company’s stock valued at $163,344,000 after acquiring an additional 770,255 shares during the last quarter. Finally, Clearbridge Investments LLC grew its position in shares of Corebridge Financial by 23.3% in the 4th quarter. Clearbridge Investments LLC now owns 5,305,120 shares of the company’s stock valued at $158,782,000 after acquiring an additional 1,001,848 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CRBG shares. Piper Sandler raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, April 2nd. Morgan Stanley reduced their target price on Corebridge Financial from $43.00 to $32.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and increased their price target for the company from $33.00 to $40.00 in a research note on Friday, January 10th. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective for the company. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Corebridge Financial from $40.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and an average target price of $36.15.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $29.50 on Monday. The business has a fifty day moving average price of $30.56 and a two-hundred day moving average price of $31.17. The stock has a market capitalization of $16.30 billion, a PE ratio of 7.80, a P/E/G ratio of 0.43 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $35.36.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. As a group, equities analysts predict 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 was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.25%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Monday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is 25.40%.

Corebridge Financial Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.