Corebridge Financial, Inc. $CRBG Shares Acquired by Cambria Investment Management L.P.

Cambria Investment Management L.P. boosted its position in Corebridge Financial, Inc. (NYSE:CRBG) by 1,706.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 295,624 shares of the company’s stock after buying an additional 279,257 shares during the quarter. Cambria Investment Management L.P.’s holdings in Corebridge Financial were worth $9,475,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRBG. Bank of Nova Scotia grew its position in shares of Corebridge Financial by 3.8% in the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock worth $331,000 after acquiring an additional 340 shares in the last quarter. Smartleaf Asset Management LLC raised its position 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. Integrated Wealth Concepts LLC lifted its stake in Corebridge Financial by 2.5% during the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock worth $494,000 after purchasing an additional 383 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in Corebridge Financial by 32.2% during the third quarter. Nisa Investment Advisors LLC now owns 1,723 shares of the company’s stock worth $55,000 after purchasing an additional 420 shares during the last quarter. Finally, Brighton Jones LLC boosted its holdings in Corebridge Financial by 4.7% in the third quarter. Brighton Jones LLC now owns 9,632 shares of the company’s stock worth $309,000 after purchasing an additional 435 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Down 1.3%

Corebridge Financial stock opened at $23.87 on Thursday. Corebridge Financial, Inc. has a 52-week low of $22.32 and a 52-week 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 firm has a market capitalization of $11.50 billion, a price-to-earnings ratio of -45.03, a PEG ratio of 0.37 and a beta of 1.11. The firm has a 50-day moving average price of $28.70 and a two-hundred day moving average price of $30.39.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. The company had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. During the same quarter last year, the business earned $1.06 earnings per share. Sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a $0.25 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 4.2%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s payout ratio is -188.68%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Wells Fargo & Company lowered their target price on shares of Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. Mizuho started coverage on shares of Corebridge Financial in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price target on the stock. JPMorgan Chase & Co. decreased their price target on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Monday, January 5th. Barclays lowered their price objective on shares of Corebridge Financial from $34.00 to $33.00 and set an “overweight” rating for the company in a research report on Wednesday, March 11th. Finally, Morgan Stanley cut their target price on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 3rd. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.09.

About Corebridge Financial

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.