Algebris UK Ltd. Has $34.27 Million Stake in Corebridge Financial, Inc. $CRBG

Key Points

• Algebris UK Ltd. reduced its Corebridge Financial stake by 18.5% in the fourth quarter, but still held 1.14 million shares worth about $34.27 million. Corebridge remains a meaningful holding for the fund, representing about 1.6% of its portfolio.
• Analyst sentiment is mixed but leans positive, with several firms adjusting price targets and ratings. The stock currently carries a consensus rating of “Moderate Buy” and an average price target of $35.92.
• Corebridge posted mixed fundamentals and a dividend: its latest quarterly EPS and revenue both missed estimates, while the company also declared a $0.25 quarterly dividend, equal to a 3.6% annualized yield.

Algebris UK Ltd. decreased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 18.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,135,203 shares of the company's stock after selling 258,175 shares during the period. Corebridge Financial accounts for about 1.6% of Algebris UK Ltd.'s holdings, making the stock its 14th largest position. Algebris UK Ltd. owned about 0.22% of Corebridge Financial worth $34,265,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Community Bank N.A. acquired a new position in shares of Corebridge Financial during the 3rd quarter valued at about $26,000. Salomon & Ludwin LLC increased its holdings in shares of Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock valued at $26,000 after acquiring an additional 532 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company's stock valued at $27,000 after acquiring an additional 377 shares during the last quarter. Root Financial Partners LLC acquired a new position in shares of Corebridge Financial during the 3rd quarter valued at about $32,000. Finally, True Wealth Design LLC increased its holdings in shares of Corebridge Financial by 50.2% during the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company's stock valued at $37,000 after acquiring an additional 412 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Analyst Ratings Changes

CRBG has been the topic of a number of analyst reports. Mizuho increased their price objective on Corebridge Financial from $31.00 to $35.00 and gave the company an "outperform" rating in a report on Thursday, May 7th. Barclays cut their price objective on Corebridge Financial from $33.00 to $30.00 and set an "overweight" rating for the company in a research report on Wednesday, April 8th. Zacks Research cut Corebridge Financial from a "hold" rating to a "strong sell" rating in a research report on Monday, May 4th. Morgan Stanley cut their price objective on Corebridge Financial from $35.00 to $32.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 3rd. Finally, JPMorgan Chase & Co. cut their price objective on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating for the company in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $35.92.

Corebridge Financial Price Performance

NYSE CRBG opened at $27.54 on Thursday. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.57. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market capitalization of $12.58 billion, a PE ratio of 50.07, a P/E/G ratio of 0.29 and a beta of 1.18. The stock has a 50-day simple moving average of $25.42 and a 200 day simple moving average of $28.29.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same quarter in the prior year, the firm earned $1.16 earnings per share. Research analysts anticipate that Corebridge Financial, Inc. will post 4.9 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, June 16th. Corebridge Financial's dividend payout ratio (DPR) is presently 181.82%.

Corebridge Financial Profile

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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