Vanguard Group Inc. Buys 1,805,819 Shares of Corebridge Financial, Inc. $CRBG

Vanguard Group Inc. boosted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 7.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,831,915 shares of the company’s stock after acquiring an additional 1,805,819 shares during the quarter. Vanguard Group Inc. owned 0.05% of Corebridge Financial worth $859,963,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CRBG. Goldman Sachs Group Inc. lifted its holdings in Corebridge Financial by 229.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after purchasing an additional 905,918 shares during the last quarter. Focus Partners Wealth bought a new stake in Corebridge Financial during the first quarter worth about $384,000. DekaBank Deutsche Girozentrale increased its holdings in shares of Corebridge Financial by 6.5% during the second quarter. DekaBank Deutsche Girozentrale now owns 21,901 shares of the company’s stock worth $784,000 after buying an additional 1,336 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Corebridge Financial by 1.6% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 494,327 shares of the company’s stock worth $17,549,000 after buying an additional 7,972 shares in the last quarter. Finally, Brighton Jones LLC acquired a new position in shares of Corebridge Financial in the 2nd quarter worth approximately $326,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. UBS Group dropped their price target on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Weiss Ratings cut Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. Wells Fargo & Company lowered their target price on Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. Mizuho began coverage on shares of Corebridge Financial in a report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price objective on the stock. Finally, Zacks Research lowered shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 27th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of “Hold” and an average price target of $37.60.

Corebridge Financial Trading Down 1.5%

Corebridge Financial stock opened at $29.62 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a 50-day moving average of $30.63 and a 200-day moving average of $31.48. The company has a market cap of $14.27 billion, a price-to-earnings ratio of -55.88, a P/E/G ratio of 0.39 and a beta of 1.04. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, February 9th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.11. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The business had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same quarter in the prior year, the company posted $1.06 earnings per share. On average, equities analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 3.4%. Corebridge Financial’s dividend payout ratio is presently -181.13%.

Corebridge Financial Company 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.