Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership trimmed its position in Corebridge Financial, Inc. (NYSE:CRBG) by 51.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 107,387 shares of the company’s stock after selling 114,964 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Corebridge Financial were worth $3,214,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Nippon Life Insurance Co. acquired a new stake in Corebridge Financial during the fourth quarter valued at $3,650,151,000. Vanguard Group Inc. boosted its stake in shares of Corebridge Financial by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company’s stock worth $716,083,000 after acquiring an additional 711,857 shares in the last quarter. Norges Bank acquired a new stake in shares of Corebridge Financial during the 4th quarter valued at about $283,212,000. State Street Corp increased its stake in shares of 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. Finally, Pzena Investment Management LLC raised its holdings in Corebridge Financial by 222.9% in the 4th quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company’s stock worth $138,829,000 after purchasing an additional 3,202,145 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Up 13.8 %

Shares of NYSE:CRBG opened at $28.92 on Thursday. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $35.36. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The business has a fifty day moving average of $31.80 and a two-hundred day moving average of $31.26. The stock has a market cap of $16.08 billion, a P/E ratio of 7.65, a PEG ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG) last released 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%. On average, research analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.24 dividend. The ex-dividend date was Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 3.32%. Corebridge Financial’s dividend payout ratio is currently 25.40%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a report on Monday, January 6th. Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $35.00 to $43.00 in a research note on Friday, February 28th. Keefe, Bruyette & Woods reduced their price objective on shares of Corebridge Financial from $40.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday. BMO Capital Markets started coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price on the stock. Finally, UBS Group cut shares of Corebridge Financial from a “buy” rating to a “sell” rating and cut their target price for the stock from $40.00 to $28.00 in a research note on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $36.93.

Corebridge Financial Company 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.