Stephens Inc. AR Purchases 2,558 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Stephens Inc. AR lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 29.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,116 shares of the company’s stock after purchasing an additional 2,558 shares during the period. Stephens Inc. AR’s holdings in Corebridge Financial were worth $333,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CRBG. Nippon Life Insurance Co. bought a new position in Corebridge Financial during the 4th quarter worth about $3,650,151,000. Massachusetts Financial Services Co. MA grew its holdings in Corebridge Financial by 2.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock worth $305,709,000 after acquiring an additional 284,781 shares in the last quarter. State Street Corp grew its holdings in Corebridge Financial by 11.7% during the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after acquiring an additional 843,559 shares in the last quarter. FMR LLC grew its holdings in Corebridge Financial by 13.5% during the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company’s stock worth $146,678,000 after acquiring an additional 598,373 shares in the last quarter. Finally, Donald Smith & CO. Inc. grew its holdings in Corebridge Financial by 12.7% during the 3rd quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company’s stock worth $126,411,000 after acquiring an additional 489,545 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock opened at $33.09 on Friday. Corebridge Financial, Inc. has a one year low of $23.77 and a one year high of $34.66. The company has a market cap of $18.82 billion, a PE ratio of -15.83, a P/E/G ratio of 0.37 and a beta of 0.94. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The business has a 50-day simple moving average of $31.42 and a 200-day simple moving average of $30.18.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 EPS 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%. On average, equities research analysts forecast that Corebridge Financial, Inc. will post 4.8 EPS for the current fiscal 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 issued a $0.24 dividend. 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. The ex-dividend date is Monday, March 17th. Corebridge Financial’s dividend payout ratio is -44.02%.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the transaction, the insider now directly owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.08% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRBG. Wells Fargo & Company decreased their price target on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Tuesday, January 14th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Morgan Stanley increased their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. 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 for the company. Finally, Piper Sandler increased their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target of $36.43.

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.