Bayesian Capital Management LP Buys New Position in Corebridge Financial, Inc. (NYSE:CRBG)

Bayesian Capital Management LP bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 64,100 shares of the company's stock, valued at approximately $1,919,000.

Several other institutional investors and hedge funds have also made changes to their positions in CRBG. Nippon Life Insurance Co. acquired a new stake in shares of Corebridge Financial during the fourth quarter worth approximately $3,650,151,000. Norges Bank acquired a new position in Corebridge Financial during the 4th quarter worth $283,212,000. Price T Rowe Associates Inc. MD increased its position in shares of Corebridge Financial by 31.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock worth $986,539,000 after purchasing an additional 7,828,929 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Corebridge Financial by 4,624.2% in the 4th quarter. Wellington Management Group LLP now owns 3,707,960 shares of the company's stock valued at $110,979,000 after purchasing an additional 3,629,472 shares in the last quarter. Finally, Pzena Investment Management LLC lifted its position in shares of Corebridge Financial by 222.9% during the fourth quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company's stock worth $138,829,000 after purchasing an additional 3,202,145 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

CRBG traded down $0.13 during trading hours on Friday, hitting $31.17. The company's stock had a trading volume of 1,491,895 shares, compared to its average volume of 3,493,503. The company has a 50-day simple moving average of $30.04 and a 200 day simple moving average of $31.14. 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 firm has a market capitalization of $17.15 billion, a PE ratio of 8.25, a PEG ratio of 0.43 and a beta of 1.01. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $35.36.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.01. The company had revenue of $4.74 billion for the quarter, compared to analyst estimates of $5.28 billion. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. During the same period last year, the company earned $1.10 earnings per share. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date is Monday, June 16th. Corebridge Financial's dividend payout ratio is currently 81.36%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CRBG shares. UBS Group cut Corebridge Financial from a "buy" rating to a "sell" rating and cut their price objective for the company from $40.00 to $28.00 in a research note on Wednesday, April 2nd. BMO Capital Markets assumed coverage on Corebridge Financial in a research note on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price objective on the stock. Wells Fargo & Company boosted their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company an "overweight" rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a "hold" rating to a "buy" rating and lifted their price target for the company from $33.00 to $40.00 in a report on Friday, January 10th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $37.00 to $39.00 and gave the stock an "outperform" rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $36.62.

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.