Soros Fund Management LLC Raises Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Soros Fund Management LLC lifted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 16.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 664,095 shares of the company's stock after buying an additional 92,843 shares during the quarter. Soros Fund Management LLC owned approximately 0.12% of Corebridge Financial worth $19,876,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CRBG. FNY Investment Advisers LLC acquired a new position in Corebridge Financial during the 4th quarter worth $27,000. Fortitude Family Office LLC purchased a new stake in Corebridge Financial in the 4th quarter worth about $27,000. Smartleaf Asset Management LLC grew its holdings in shares of Corebridge Financial by 112.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock valued at $27,000 after acquiring an additional 480 shares in the last quarter. Oarsman Capital Inc. acquired a new stake in Corebridge Financial in the fourth quarter valued at approximately $30,000. Finally, Blue Trust Inc. grew its holdings in Corebridge Financial by 183.2% during the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company's stock valued at $33,000 after purchasing an additional 729 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on CRBG. Piper Sandler boosted 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. Wells Fargo & Company reduced their target price on shares of Corebridge Financial from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Keefe, Bruyette & Woods dropped their target price on shares of Corebridge Financial from $40.00 to $37.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. UBS Group downgraded Corebridge Financial from a "buy" rating to a "sell" rating and reduced their price target for the company from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Finally, Morgan Stanley lowered their price objective 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Corebridge Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.15.

Corebridge Financial Stock Up 2.1 %

Shares of NYSE:CRBG traded up $0.64 on Friday, reaching $30.59. The company had a trading volume of 2,298,425 shares, compared to its average volume of 3,516,198. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $35.36. The firm has a market capitalization of $16.90 billion, a PE ratio of 8.09, a PEG 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. The firm's 50 day simple moving average is $30.31 and its 200-day simple moving average is $31.15.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results 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, analysts expect 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 was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.14%. The ex-dividend date was Monday, March 17th. This is an increase from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's dividend payout ratio (DPR) 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.