New York State Common Retirement Fund Boosts Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

New York State Common Retirement Fund increased its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 9.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 159,882 shares of the company’s stock after buying an additional 13,700 shares during the period. New York State Common Retirement Fund’s holdings in Corebridge Financial were worth $4,785,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Nippon Life Insurance Co. purchased a new stake in shares of Corebridge Financial during the fourth quarter worth $3,650,151,000. Massachusetts Financial Services Co. MA increased its holdings in Corebridge Financial by 2.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock worth $305,709,000 after purchasing an additional 284,781 shares during the period. State Street Corp raised its position in Corebridge Financial by 11.7% in the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after purchasing an additional 843,559 shares in the last quarter. FMR LLC boosted its stake in shares of Corebridge Financial by 13.5% in the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company’s stock valued at $146,678,000 after buying an additional 598,373 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Corebridge Financial by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 4,186,265 shares of the company’s stock valued at $121,765,000 after buying an additional 215,362 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CRBG shares. BMO Capital Markets began coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target for the company. Wells Fargo & Company boosted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. TD Cowen raised their price target on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a research report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and increased their price objective for the company from $33.00 to $40.00 in a report on Friday, January 10th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and an average price target of $36.64.

Corebridge Financial Stock Up 1.3 %

CRBG opened at $33.35 on Friday. The business’s fifty day simple moving average is $31.96 and its 200 day simple moving average is $30.58. Corebridge Financial, Inc. has a 52 week low of $23.77 and a 52 week high of $34.66. The firm has a market cap of $18.54 billion, a P/E ratio of 8.82, a PEG ratio of 0.43 and a beta of 0.94. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. As a group, equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 2.88%. The ex-dividend date is Monday, March 17th. Corebridge Financial’s payout ratio is currently 25.40%.

Insider Activity

In other news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the sale, the insider now directly owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.08% of the company’s stock.

Corebridge Financial Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.