Deseret Mutual Benefit Administrators Grows Position in Corebridge Financial, Inc. (NYSE:CRBG)

Deseret Mutual Benefit Administrators raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 34.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,991 shares of the company’s stock after buying an additional 1,022 shares during the quarter. Deseret Mutual Benefit Administrators’ holdings in Corebridge Financial were worth $119,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Allianz Asset Management GmbH grew its holdings in shares of Corebridge Financial by 2.2% during the fourth quarter. Allianz Asset Management GmbH now owns 926,254 shares of the company’s stock worth $27,723,000 after buying an additional 19,855 shares in the last quarter. Ieq Capital LLC grew its holdings in shares of Corebridge Financial by 311.2% during the fourth quarter. Ieq Capital LLC now owns 45,541 shares of the company’s stock worth $1,363,000 after buying an additional 34,467 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of Corebridge Financial by 9.4% during the fourth quarter. New York State Common Retirement Fund now owns 159,882 shares of the company’s stock worth $4,785,000 after buying an additional 13,700 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Corebridge Financial during the fourth quarter worth $316,000. Finally, D.A. Davidson & CO. grew its holdings in shares of Corebridge Financial by 166.9% during the fourth quarter. D.A. Davidson & CO. now owns 32,825 shares of the company’s stock worth $982,000 after buying an additional 20,525 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CRBG. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and upped their target price for the stock from $33.00 to $40.00 in a report on Friday, January 10th. 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 report on Monday, January 6th. TD Cowen upped their price objective 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. Morgan Stanley upped their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, Wells Fargo & Company upped 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. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.64.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the firm’s 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.08% of the stock is owned by corporate insiders.

Corebridge Financial Trading Down 2.3 %

NYSE CRBG opened at $32.72 on Friday. The firm’s 50-day moving average is $31.70 and its two-hundred day moving average is $30.42. Corebridge Financial, Inc. has a 12 month low of $23.77 and a 12 month high of $34.66. 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 stock has a market capitalization of $18.19 billion, a P/E ratio of 8.65, a PEG ratio of 0.43 and a beta of 0.94.

Corebridge Financial (NYSE:CRBG) last posted its earnings results 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 net margin of 11.39% and a return on equity of 22.69%. On average, sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently announced 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 is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date is Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 2.93%. Corebridge Financial’s dividend payout ratio (DPR) is 24.34%.

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.