Magnetar Financial LLC Invests $1.20 Million in Corebridge Financial, Inc. (NYSE:CRBG)

Magnetar Financial LLC purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the fourth quarter, HoldingsChannel reports. The fund purchased 40,141 shares of the company’s stock, valued at approximately $1,201,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CRBG. Nippon Life Insurance Co. bought a new stake in shares of Corebridge Financial in the 4th quarter valued at approximately $3,650,151,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Corebridge Financial by 2.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock valued at $305,709,000 after acquiring an additional 284,781 shares during the last quarter. State Street Corp increased its holdings 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 acquiring an additional 843,559 shares during the last quarter. FMR LLC increased its holdings 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 acquiring an additional 598,373 shares during the last quarter. Finally, Pzena Investment Management LLC increased its holdings in shares of Corebridge Financial by 222.9% in the 4th quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company’s stock valued at $138,829,000 after acquiring an additional 3,202,145 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 0.4 %

Shares of CRBG stock opened at $32.36 on Friday. The stock has a 50-day simple moving average of $32.56 and a 200 day simple moving average of $31.03. Corebridge Financial, Inc. has a fifty-two week low of $23.97 and a fifty-two week high of $35.36. The stock has a market capitalization of $17.99 billion, a P/E ratio of 8.56, a P/E/G 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 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%. On average, sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.24 dividend. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date is Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a yield of 2.97%. Corebridge Financial’s dividend payout ratio (DPR) is currently 25.40%.

Analysts Set New Price Targets

CRBG has been the subject of a number of research analyst reports. TD Cowen boosted their price target on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Wells Fargo & Company upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Morgan Stanley raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $35.00 to $43.00 in a report on Friday, February 28th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler upped 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. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.29.

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.