Oregon Public Employees Retirement Fund Takes $1.60 Million Position in Corebridge Financial, Inc. $CRBG

Oregon Public Employees Retirement Fund purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 53,100 shares of the company’s stock, valued at approximately $1,602,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Community Bank N.A. bought a new stake in Corebridge Financial in the 3rd quarter valued at about $26,000. Smartleaf Asset Management LLC lifted 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 valued at $27,000 after purchasing an additional 377 shares during the last quarter. Salomon & Ludwin LLC lifted its position in Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after purchasing an additional 532 shares during the last quarter. Root Financial Partners LLC bought a new stake in Corebridge Financial in the 3rd quarter valued at about $32,000. Finally, True Wealth Design LLC lifted its position in Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after purchasing an additional 412 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CRBG. Piper Sandler upgraded shares of Corebridge Financial to a “strong-buy” rating in a research report on Thursday, April 2nd. TD Cowen cut their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Keefe, Bruyette & Woods lifted their price objective on shares of Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a research report on Wednesday, May 6th. Morgan Stanley cut their price objective on shares of 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. Finally, Zacks Research downgraded shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.92.

Corebridge Financial Stock Down 0.3%

CRBG stock opened at $27.57 on Friday. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The company has a market capitalization of $12.59 billion, a price-to-earnings ratio of 50.12, a price-to-earnings-growth ratio of 0.30 and a beta of 1.18. The firm’s 50-day moving average is $25.32 and its two-hundred day moving average is $28.42. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter last year, the firm posted $1.16 earnings per share. On average, analysts forecast that Corebridge Financial, Inc. will post 4.9 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial’s payout ratio is 181.82%.

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.