Retirement Systems of Alabama Buys 58,200 Shares of Corebridge Financial, Inc. $CRBG

Retirement Systems of Alabama lifted its position in Corebridge Financial, Inc. (NYSE:CRBG) by 77.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,900 shares of the company’s stock after acquiring an additional 58,200 shares during the quarter. Retirement Systems of Alabama’s holdings in Corebridge Financial were worth $4,259,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pzena Investment Management LLC grew its position in Corebridge Financial by 132.6% in the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock worth $664,691,000 after purchasing an additional 10,673,099 shares in the last quarter. LSV Asset Management grew its holdings in shares of Corebridge Financial by 5.8% in the second quarter. LSV Asset Management now owns 4,587,100 shares of the company’s stock valued at $162,842,000 after acquiring an additional 250,066 shares in the last quarter. Norges Bank bought a new position in shares of Corebridge Financial in the second quarter valued at approximately $145,632,000. Donald Smith & CO. Inc. increased its position in shares of Corebridge Financial by 1.8% during the second quarter. Donald Smith & CO. Inc. now owns 4,083,348 shares of the company’s stock valued at $144,959,000 after acquiring an additional 72,664 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Corebridge Financial by 42.8% during the second quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock worth $102,403,000 after acquiring an additional 864,946 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Down 0.9%

Corebridge Financial stock opened at $30.78 on Friday. The firm has a 50 day simple moving average of $30.44 and a 200 day simple moving average of $31.96. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The firm has a market capitalization of $16.02 billion, a price-to-earnings ratio of 18.32, a P/E/G ratio of 0.43 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The company had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the business earned $1.23 earnings per share. Corebridge Financial’s revenue was up 34.2% on a year-over-year basis. On average, analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, December 17th. Corebridge Financial’s payout ratio is presently 57.14%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CRBG. Barclays reduced their price objective on Corebridge Financial from $39.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, January 8th. Zacks Research lowered shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 27th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $33.00 price objective (down previously from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. JPMorgan Chase & Co. dropped 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 note on Monday, January 5th. Finally, Weiss Ratings lowered shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Corebridge Financial presently has a consensus rating of “Hold” and an average price target of $37.70.

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.