Elo Mutual Pension Insurance Co Sells 5,734 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Elo Mutual Pension Insurance Co lessened its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 23.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,586 shares of the company’s stock after selling 5,734 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Corebridge Financial were worth $556,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CRBG. Vanguard Group Inc. raised its position in shares of Corebridge Financial by 3.1% during the fourth 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 during the last quarter. LPL Financial LLC raised its holdings in Corebridge Financial by 15.5% during the 4th quarter. LPL Financial LLC now owns 174,185 shares of the company’s stock worth $5,213,000 after purchasing an additional 23,340 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in Corebridge Financial during the 4th quarter valued at about $505,000. KLP Kapitalforvaltning AS bought a new position in shares of Corebridge Financial in the 4th quarter valued at about $2,320,000. Finally, Sei Investments Co. grew its position in shares of Corebridge Financial by 22.9% during the 4th quarter. Sei Investments Co. now owns 701,228 shares of the company’s stock worth $20,989,000 after buying an additional 130,439 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the subject of a number of analyst reports. Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $35.00 to $43.00 in a report on Friday, February 28th. Piper Sandler upped their price objective on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Barclays raised 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. BMO Capital Markets started coverage on Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target for the company. Finally, Wells Fargo & Company increased their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $37.29.

Corebridge Financial Trading Down 2.8 %

Corebridge Financial stock opened at $31.34 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a 50-day moving average of $32.74 and a 200-day moving average of $31.26. The company has a market cap of $17.42 billion, a price-to-earnings ratio of 8.29, a P/E/G ratio of 0.43 and a beta of 0.92. Corebridge Financial, Inc. has a one year low of $23.97 and a one year high of $35.36.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. On average, equities 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 announced a quarterly dividend, which will be paid on Monday, March 31st. Investors 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 yield of 3.06%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date is Monday, March 17th. Corebridge Financial’s payout ratio is presently 25.40%.

About Corebridge Financial

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.