Westpac Banking Corp Has $298,000 Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Westpac Banking Corp lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 148.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,972 shares of the company’s stock after acquiring an additional 5,954 shares during the quarter. Westpac Banking Corp’s holdings in Corebridge Financial were worth $298,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Public Employees Retirement System of Ohio raised its stake in shares of Corebridge Financial by 11.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock worth $4,871,000 after purchasing an additional 16,970 shares in the last quarter. Virtu Financial LLC acquired a new position in Corebridge Financial during the third quarter worth $581,000. New York Life Investment Management LLC bought a new stake in Corebridge Financial during the fourth quarter worth $781,000. State Street Corp lifted its stake in Corebridge Financial by 11.7% in the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after acquiring an additional 843,559 shares during the last quarter. Finally, First Hawaiian Bank bought a new position in shares of Corebridge Financial in the 4th quarter valued at about $1,168,000. Institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on CRBG. UBS Group cut Corebridge Financial from a “buy” rating to a “sell” rating and dropped their price target for the stock from $40.00 to $28.00 in a report on Wednesday. Wells Fargo & Company boosted their target price 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. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target on the stock. Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $35.00 to $43.00 in a report on Friday, February 28th. Finally, Piper Sandler raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Corebridge Financial Trading Down 10.5 %

Shares of CRBG stock opened at $25.62 on Friday. Corebridge Financial, Inc. has a fifty-two week low of $23.97 and a fifty-two week high of $35.36. The stock’s fifty day moving average price is $32.48 and its two-hundred day moving average price is $31.29. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The company has a market cap of $14.25 billion, a PE ratio of 6.78, a P/E/G ratio of 0.43 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. Equities analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a dividend of $0.24 per share. The ex-dividend date was Monday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 3.75%. Corebridge Financial’s payout ratio is 25.40%.

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.