Van ECK Associates Corp Raises Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Van ECK Associates Corp increased its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 31.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,325 shares of the company’s stock after acquiring an additional 805 shares during the period. Van ECK Associates Corp’s holdings in Corebridge Financial were worth $100,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Covestor Ltd raised its stake in shares of Corebridge Financial by 118.8% during the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after acquiring an additional 570 shares in the last quarter. Blue Trust Inc. grew its holdings in Corebridge Financial by 183.2% in the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock worth $33,000 after purchasing an additional 729 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Corebridge Financial by 3.4% in the third quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after purchasing an additional 732 shares during the last quarter. CIBC Asset Management Inc grew its holdings in shares of Corebridge Financial by 4.2% during the third quarter. CIBC Asset Management Inc now owns 19,579 shares of the company’s stock valued at $571,000 after buying an additional 793 shares during the last quarter. Finally, Deseret Mutual Benefit Administrators grew its holdings in shares of Corebridge Financial by 43.1% during the third quarter. Deseret Mutual Benefit Administrators now owns 2,969 shares of the company’s stock valued at $87,000 after buying an additional 894 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider now 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 position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.08% of the stock is owned by corporate insiders.

Corebridge Financial Stock Down 2.3 %

Shares of NYSE CRBG opened at $32.72 on Monday. Corebridge Financial, Inc. has a 12-month low of $23.77 and a 12-month high of $34.66. The stock has a market cap of $18.19 billion, a PE ratio of 8.65, a P/E/G ratio of 0.43 and a beta of 0.94. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average of $31.70 and a 200 day moving average of $30.46.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share (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%. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.93%. The ex-dividend date is Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio is currently 24.34%.

Analyst Ratings Changes

A number of research firms recently issued reports on CRBG. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a research report on Monday, January 6th. 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 research report on Wednesday, December 18th. Morgan Stanley upped their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. TD Cowen upped their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, BMO Capital Markets initiated 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. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $36.64.

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.