Algebris UK Ltd Has $15.22 Million Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Key Points

• Algebris UK Ltd reduced its stake in Corebridge Financial, Inc. by 38.7%, now holding approximately $15.22 million worth of the company's stock, which accounts for 2.8% of its portfolio.
• Several institutional investors increased their holdings in Corebridge Financial, with Price T Rowe Associates growing its position by 31.2% during the fourth quarter, now owning nearly $986.54 million in shares.
• Corebridge Financial recently announced a quarterly dividend of $0.24, representing an annual yield of 2.68%, with a payout ratio currently at 81.36%.

Algebris UK Ltd trimmed its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 38.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 520,771 shares of the company's stock after selling 328,581 shares during the quarter. Corebridge Financial comprises about 2.8% of Algebris UK Ltd's portfolio, making the stock its 19th biggest position. Algebris UK Ltd owned approximately 0.09% of Corebridge Financial worth $15,220,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings in Corebridge Financial by 31.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock valued at $986,539,000 after purchasing an additional 7,828,929 shares during the period. Vanguard Group Inc. raised its position in shares of Corebridge Financial by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company's stock worth $716,083,000 after buying an additional 711,857 shares in the last quarter. Pzena Investment Management LLC raised its position in Corebridge Financial by 73.6% during the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after purchasing an additional 3,412,147 shares in the last quarter. AQR Capital Management LLC raised its position in Corebridge Financial by 10.5% during the fourth quarter. AQR Capital Management LLC now owns 5,556,761 shares of the company's stock valued at $166,314,000 after purchasing an additional 527,376 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Corebridge Financial by 16.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,457,441 shares of the company's stock worth $163,344,000 after buying an additional 770,255 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on CRBG. Keefe, Bruyette & Woods lifted their price objective on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. BMO Capital Markets boosted their price target on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Barclays boosted their price target on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Finally, Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and a consensus price target of $39.91.

Corebridge Financial Trading Up 0.5%

NYSE CRBG opened at $35.81 on Tuesday. The company's fifty day simple moving average is $33.76 and its 200-day simple moving average is $32.16. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.08. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.96. The stock has a market cap of $19.69 billion, a P/E ratio of 30.35, a PEG ratio of 0.58 and a beta of 1.06.

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, beating the consensus estimate of $1.15 by $0.01. The firm had revenue of $4.74 billion for the quarter, compared to analysts' expectations of $5.28 billion. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. During the same period in the prior year, the company posted $1.10 earnings per share. Equities research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.68%. Corebridge Financial's dividend payout ratio is presently 81.36%.

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.

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