Assenagon Asset Management S.A. Grows Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Assenagon Asset Management S.A. lifted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 3.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 116,389 shares of the company’s stock after acquiring an additional 4,135 shares during the period. Assenagon Asset Management S.A.’s holdings in Corebridge Financial were worth $3,484,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in CRBG. FNY Investment Advisers LLC purchased a new stake in Corebridge Financial in the fourth quarter valued at $27,000. Fortitude Family Office LLC acquired a new stake in shares of Corebridge Financial during the fourth quarter worth about $27,000. First Hawaiian Bank purchased a new stake in shares of Corebridge Financial in the 4th quarter valued at about $1,168,000. Legend Financial Advisors Inc. boosted its position in shares of Corebridge Financial by 3.8% in the 4th quarter. Legend Financial Advisors Inc. now owns 25,764 shares of the company’s stock valued at $771,000 after purchasing an additional 951 shares during the period. Finally, Diversified Trust Co grew its stake in Corebridge Financial by 128.5% during the 4th quarter. Diversified Trust Co now owns 65,167 shares of the company’s stock worth $1,950,000 after buying an additional 36,651 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Up 1.5 %

Corebridge Financial stock opened at $32.42 on Wednesday. The stock’s 50 day moving average price is $30.86 and its 200 day moving average price is $29.72. Corebridge Financial, Inc. has a 1-year low of $23.01 and a 1-year high of $34.66. The company has a market cap of $18.44 billion, a PE ratio of -15.51, a price-to-earnings-growth ratio of 0.35 and a beta of 0.92. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the firm earned $1.05 EPS. The business’s revenue was up 39.5% on a year-over-year basis. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 4.8 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date was Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CRBG. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price objective for the company from $33.00 to $40.00 in a research note on Friday, January 10th. Wells Fargo & Company reduced 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. Piper Sandler raised their price objective 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. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $35.92.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the sale, the insider now directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.08% of the stock is currently owned by company insiders.

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.