Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Arizona State Retirement System

Arizona State Retirement System lessened its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 77,379 shares of the company’s stock after selling 1,062 shares during the quarter. Arizona State Retirement System’s holdings in Corebridge Financial were worth $2,316,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRBG. Nippon Life Insurance Co. acquired a new stake in Corebridge Financial during the fourth quarter valued at $3,650,151,000. Jacobs Levy Equity Management Inc. grew its position in Corebridge Financial by 34.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock valued at $104,032,000 after buying an additional 915,848 shares during the period. State Street Corp grew its position in Corebridge Financial by 11.7% during the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after buying an additional 843,559 shares during the period. AustralianSuper Pty Ltd grew its position in Corebridge Financial by 69.5% during the fourth quarter. AustralianSuper Pty Ltd now owns 1,584,707 shares of the company’s stock valued at $47,430,000 after buying an additional 649,718 shares during the period. Finally, FMR LLC grew its position in Corebridge Financial by 13.5% during the third quarter. FMR LLC now owns 5,030,104 shares of the company’s stock valued at $146,678,000 after buying an additional 598,373 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $30.52 on Tuesday. The company’s 50-day moving average price is $32.34 and its 200-day moving average price is $30.87. 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 market cap of $16.97 billion, a P/E ratio of 8.07, a P/E/G ratio of 0.43 and a beta of 0.92. Corebridge Financial, Inc. has a twelve month low of $23.97 and a twelve month high of $35.36.

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

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 3.15%. Corebridge Financial’s payout ratio is 25.40%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Morgan Stanley upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $35.00 to $43.00 in a research report on Friday, February 28th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a research report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and lifted their target price for the company from $33.00 to $40.00 in a research report on Friday, January 10th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $37.29.

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.