KLP Kapitalforvaltning AS Acquires New Stake in Corebridge Financial, Inc. (NYSE:CRBG)

KLP Kapitalforvaltning AS bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 77,500 shares of the company’s stock, valued at approximately $2,320,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Fortitude Family Office LLC purchased a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $27,000. Smartleaf Asset Management LLC lifted its holdings in Corebridge Financial by 112.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after buying an additional 480 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in Corebridge Financial in the 4th quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Corebridge Financial in the third quarter worth $27,000. Finally, Blue Trust Inc. increased its position in shares of Corebridge Financial by 183.2% during the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock worth $33,000 after acquiring an additional 729 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $32.21 on Friday. The stock’s 50-day moving average is $32.75 and its two-hundred day moving average is $31.17. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. Corebridge Financial, Inc. has a 1 year low of $23.97 and a 1 year high of $35.36. The firm has a market cap of $17.91 billion, a price-to-earnings ratio of 8.52, a PEG ratio of 0.43 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last released its quarterly 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%. Analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.24 dividend. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 2.98%. Corebridge Financial’s dividend payout ratio is 25.40%.

Analyst Ratings Changes

A number of research analysts recently issued reports on CRBG shares. Piper Sandler lifted their target price on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Wells Fargo & Company lifted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a research note on Monday, January 6th. Morgan Stanley upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $35.00 to $43.00 in a research note on Friday, February 28th. Finally, 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 price objective on the stock. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target 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.