Concentric Capital Strategies LP Purchases New Shares in Corebridge Financial, Inc. (NYSE:CRBG)

Concentric Capital Strategies LP purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 60,913 shares of the company's stock, valued at approximately $1,823,000.

Other hedge funds have also recently bought and sold shares of the company. New York Life Investment Management LLC bought a new position in Corebridge Financial during the fourth quarter worth about $781,000. First Hawaiian Bank acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at approximately $1,168,000. Raymond James Financial Inc. acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at approximately $31,844,000. Barclays PLC grew its position in Corebridge Financial by 20.0% during the third quarter. Barclays PLC now owns 358,035 shares of the company's stock worth $10,441,000 after buying an additional 59,702 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in Corebridge Financial by 4.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 504,261 shares of the company's stock worth $15,093,000 after acquiring an additional 20,783 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Down 0.4 %

NYSE CRBG traded down $0.13 during trading hours on Friday, reaching $31.17. 1,491,895 shares of the company's stock traded hands, compared to its average volume of 3,493,503. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $35.36. 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 firm has a 50-day simple moving average of $30.04 and a 200 day simple moving average of $31.14. The firm has a market cap of $17.15 billion, a PE ratio of 8.25, a PEG ratio of 0.43 and a beta of 1.01.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.01. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. The firm had revenue of $4.74 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the previous year, the firm earned $1.10 EPS. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 3.08%. Corebridge Financial's dividend payout ratio (DPR) is presently 81.36%.

Analyst Ratings Changes

CRBG has been the topic of several analyst reports. Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $37.00 to $39.00 and gave the stock an "outperform" rating in a research report on Wednesday. Piper Sandler lifted their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, April 2nd. Morgan Stanley dropped their price objective on Corebridge Financial from $43.00 to $32.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. BMO Capital Markets assumed coverage on Corebridge Financial in a research report on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 target price on the stock. Finally, UBS Group cut shares of Corebridge Financial from a "buy" rating to a "sell" rating and dropped their target price for the stock from $40.00 to $28.00 in a report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $36.62.

Corebridge Financial 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.