Zurcher Kantonalbank Zurich Cantonalbank Acquires 8,815 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 15.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,651 shares of the company’s stock after buying an additional 8,815 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Corebridge Financial were worth $1,935,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio increased its stake in shares of Corebridge Financial by 11.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock worth $4,871,000 after purchasing an additional 16,970 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Corebridge Financial during the 3rd quarter worth about $581,000. New York Life Investment Management LLC acquired a new position in shares of Corebridge Financial during the 4th quarter worth about $781,000. State Street Corp increased its stake in shares of Corebridge Financial by 11.7% during the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after purchasing an additional 843,559 shares during the last quarter. Finally, Qsemble Capital Management LP acquired a new position in shares of Corebridge Financial during the 3rd quarter worth about $2,370,000. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $31.78 on Monday. The company’s 50 day moving average price is $32.42 and its two-hundred day moving average price is $30.94. Corebridge Financial, Inc. has a 12-month low of $23.97 and a 12-month high of $35.36. The firm has a market cap of $17.67 billion, a PE ratio of 8.41, a PEG ratio of 0.43 and a beta of 0.92. 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 announced its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. Equities research 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 declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Monday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio is 25.40%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CRBG shares. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. TD Cowen boosted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. BMO Capital Markets began coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target on the stock. Finally, Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $37.29.

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.