J. Safra Sarasin Holding AG Takes $859,000 Position in Corebridge Financial, Inc. $CRBG

J. Safra Sarasin Holding AG bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 28,469 shares of the company’s stock, valued at approximately $859,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRBG. Community Bank N.A. acquired a new stake in Corebridge Financial in the third quarter valued at $26,000. Smartleaf Asset Management LLC increased its stake 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 worth $27,000 after purchasing an additional 377 shares during the last quarter. Root Financial Partners LLC acquired a new position in shares of Corebridge Financial during the 3rd quarter worth about $32,000. True Wealth Design LLC raised its holdings in shares of 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 period. Finally, Assetmark Inc. raised its holdings in shares of Corebridge Financial by 47.7% in the 3rd quarter. Assetmark Inc. now owns 1,390 shares of the company’s stock valued at $45,000 after purchasing an additional 449 shares during the period. 98.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Wells Fargo & Company reduced their price target on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating for the company in a report on Wednesday, February 25th. UBS Group dropped their price objective on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. Morgan Stanley cut their price objective on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 3rd. JPMorgan Chase & Co. reduced their target price on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Monday, January 5th. Finally, Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.27.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $24.15 on Thursday. 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 $11.63 billion, a price-to-earnings ratio of -45.56, a PEG ratio of 0.38 and a beta of 1.12. The company has a 50-day simple moving average of $27.33 and a 200 day simple moving average of $29.67. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.11. The firm had revenue of $6.34 billion for the quarter, compared to analysts’ expectations 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 period in the prior year, the firm earned $1.06 EPS. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.1%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, March 17th. Corebridge Financial’s dividend payout ratio is -188.68%.

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.