Diametric Capital LP Reduces Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Diametric Capital LP cut its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 10.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,001 shares of the company’s stock after selling 1,390 shares during the period. Diametric Capital LP’s holdings in Corebridge Financial were worth $359,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Nippon Life Insurance Co. purchased a new stake in shares of Corebridge Financial during the 4th quarter valued at approximately $3,650,151,000. Norges Bank acquired a new stake in Corebridge Financial during the fourth quarter worth $283,212,000. Wellington Management Group LLP raised its position in Corebridge Financial by 4,624.2% in the fourth quarter. Wellington Management Group LLP now owns 3,707,960 shares of the company’s stock valued at $110,979,000 after purchasing an additional 3,629,472 shares during the period. Pzena Investment Management LLC lifted its stake 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 purchasing an additional 3,202,145 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Corebridge Financial in the 4th quarter valued at $31,844,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on CRBG shares. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Piper Sandler upped their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and lifted their target price for the company from $33.00 to $40.00 in a report on Friday, January 10th. BMO Capital Markets assumed coverage on Corebridge Financial in a research note on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target on the stock. Finally, Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a research note on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $37.29.

Corebridge Financial Price Performance

CRBG stock opened at $31.55 on Wednesday. The business’s 50-day moving average is $32.72 and its two-hundred day moving average is $31.32. 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 market capitalization of $17.54 billion, a P/E ratio of 8.35, a P/E/G ratio of 0.43 and a beta of 0.92. Corebridge Financial, Inc. has a 1 year low of $23.97 and a 1 year high of $35.36.

Corebridge Financial (NYSE:CRBG) last released its 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 return on equity of 22.69% and a net margin of 11.39%. Analysts anticipate 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 was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.24 per share. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 3.04%. The ex-dividend date was Monday, March 17th. Corebridge Financial’s payout ratio is 25.40%.

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.