AustralianSuper Pty Ltd Raises Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

AustralianSuper Pty Ltd raised its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 69.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,584,707 shares of the company’s stock after buying an additional 649,718 shares during the period. AustralianSuper Pty Ltd owned approximately 0.28% of Corebridge Financial worth $47,430,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. CWM LLC grew its position in shares of Corebridge Financial by 99.5% in the third quarter. CWM LLC now owns 17,476 shares of the company’s stock valued at $510,000 after purchasing an additional 8,714 shares during the last quarter. Swedbank AB grew its position in shares of Corebridge Financial by 3.2% in the third quarter. Swedbank AB now owns 199,807 shares of the company’s stock valued at $5,826,000 after purchasing an additional 6,143 shares during the last quarter. Raymond James & Associates grew its position in shares of Corebridge Financial by 36.6% in the third quarter. Raymond James & Associates now owns 206,251 shares of the company’s stock valued at $6,014,000 after purchasing an additional 55,292 shares during the last quarter. New Century Financial Group LLC acquired a new stake in shares of Corebridge Financial in the third quarter valued at approximately $1,196,000. Finally, Vest Financial LLC grew its position in shares of Corebridge Financial by 43.7% in the third quarter. Vest Financial LLC now owns 53,891 shares of the company’s stock valued at $1,571,000 after purchasing an additional 16,397 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.08% of the stock is currently owned by insiders.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $33.09 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The company has a market cap of $18.82 billion, a P/E ratio of -15.83, a P/E/G ratio of 0.37 and a beta of 0.94. Corebridge Financial, Inc. has a fifty-two week low of $23.77 and a fifty-two week high of $34.66. The firm’s 50 day moving average is $31.40 and its two-hundred day moving average is $30.16.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. Analysts expect that Corebridge Financial, Inc. will post 4.8 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a yield of 2.90%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio (DPR) is currently -44.02%.

Analysts Set New Price Targets

Several research firms have recently commented on CRBG. Wells Fargo & Company lowered their price target on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and increased their price target for the company from $33.00 to $40.00 in a research report on Friday, January 10th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Piper Sandler raised their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Finally, TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus price target of $36.43.

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.