Corebridge Financial, Inc. $CRBG Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH decreased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 47.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 248,945 shares of the company’s stock after selling 223,154 shares during the period. Allianz Asset Management GmbH’s holdings in Corebridge Financial were worth $7,979,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of Nova Scotia raised its holdings in Corebridge Financial by 3.8% in the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after buying an additional 340 shares during the period. Assetmark Inc. boosted its holdings in Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after purchasing an additional 356 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of 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 buying an additional 420 shares in the last quarter. Brighton Jones LLC increased its position in shares of Corebridge Financial by 4.7% in the 3rd 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 last quarter. Finally, Keybank National Association OH increased its holdings in shares of Corebridge Financial by 3.4% in the 3rd quarter. Keybank National Association OH now owns 13,444 shares of the company’s stock valued at $431,000 after acquiring an additional 438 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Morgan Stanley restated an “equal weight” rating and issued a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Zacks Research downgraded shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 27th. Wells Fargo & Company reduced their target price on Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. 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. Finally, Barclays cut their price target on shares of Corebridge Financial from $39.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, January 8th. Seven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $37.70.

Corebridge Financial Trading Up 0.3%

Shares of Corebridge Financial stock opened at $31.27 on Tuesday. The company has a market cap of $16.27 billion, a price-to-earnings ratio of 18.61, a PEG ratio of 0.44 and a beta of 1.04. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The company’s fifty day simple moving average is $30.58 and its 200-day simple moving average is $31.76. 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 (NYSE:CRBG) last announced its quarterly earnings results on Monday, February 9th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. The business had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.During the same quarter in the previous year, the firm earned $1.06 EPS. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed 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 of this dividend is Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 3.2%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s payout ratio is presently 57.14%.

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.