Corebridge Financial, Inc. (NYSE:CRBG) Stock Position Raised by Wells Fargo & Company MN

Wells Fargo & Company MN grew its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 328.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 386,423 shares of the company's stock after acquiring an additional 296,337 shares during the quarter. Wells Fargo & Company MN owned approximately 0.07% of Corebridge Financial worth $11,566,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Nippon Life Insurance Co. bought a new position in Corebridge Financial in the fourth quarter worth about $3,650,151,000. Vanguard Group Inc. raised its position in shares of Corebridge Financial by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company's stock worth $716,083,000 after purchasing an additional 711,857 shares during the period. Norges Bank bought a new stake in Corebridge Financial in the fourth quarter valued at $283,212,000. Clearbridge Investments LLC lifted its position in Corebridge Financial by 23.3% in the 4th quarter. Clearbridge Investments LLC now owns 5,305,120 shares of the company's stock valued at $158,782,000 after purchasing an additional 1,001,848 shares during the last quarter. Finally, Pzena Investment Management LLC raised its holdings 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 valued at $138,829,000 after buying an additional 3,202,145 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Trading Up 1.5 %

CRBG stock traded up $0.42 during mid-day trading on Friday, reaching $27.71. 2,840,221 shares of the stock traded hands, compared to its average volume of 3,582,908. The stock's fifty day moving average is $31.00 and its 200-day moving average is $31.21. The company has a market cap of $15.40 billion, a P/E ratio of 7.33, a P/E/G ratio of 0.43 and a beta of 0.98. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $35.36.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted 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%. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend was Monday, March 17th. This is a boost from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's payout ratio is 25.40%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CRBG. BMO Capital Markets began 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. UBS Group lowered Corebridge Financial from a "buy" rating to a "sell" rating and lowered their price target for the company from $40.00 to $28.00 in a report on Wednesday, April 2nd. Piper Sandler upped their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. Morgan Stanley decreased their target price on shares of Corebridge Financial from $43.00 to $32.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and boosted their price target for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.15.

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.