Park Avenue Securities LLC Boosts Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Park Avenue Securities LLC grew its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 52.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,210 shares of the company’s stock after purchasing an additional 4,188 shares during the period. Park Avenue Securities LLC’s holdings in Corebridge Financial were worth $365,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Assenagon Asset Management S.A. boosted its position in Corebridge Financial by 3.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 116,389 shares of the company’s stock valued at $3,484,000 after buying an additional 4,135 shares during the period. FNY Investment Advisers LLC acquired a new position in Corebridge Financial during the 4th quarter worth $27,000. Fortitude Family Office LLC acquired a new position in Corebridge Financial during the 4th quarter worth $27,000. First Hawaiian Bank acquired a new stake in Corebridge Financial in the 4th quarter valued at about $1,168,000. Finally, Legend Financial Advisors Inc. boosted its stake 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 buying an additional 951 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CRBG shares. TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and increased 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 report on Thursday. They set an “outperform” rating and a $43.00 price target for the company. Finally, Piper Sandler increased 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. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.43.

Corebridge Financial Stock Up 1.8 %

Shares of NYSE:CRBG opened at $33.22 on Friday. Corebridge Financial, Inc. has a fifty-two week low of $23.01 and a fifty-two week high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm’s 50-day simple moving average is $30.97 and its 200-day simple moving average is $29.79. The company has a market cap of $18.90 billion, a price-to-earnings ratio of -15.89, a PEG ratio of 0.36 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the firm posted $1.05 EPS. The firm’s quarterly revenue was up 39.5% on a year-over-year basis. As a group, equities research analysts predict that Corebridge Financial, Inc. will post 4.8 earnings per share for the current year.

Corebridge Financial Announces Dividend

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 2.77%. The ex-dividend date was Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is currently -44.02%.

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.