Asset Management One Co. Ltd. Has $2.96 Million Stock Position in Corebridge Financial, Inc. $CRBG

Key Points

• Asset Management One cut its Corebridge stake by 30.5%, selling 42,770 shares and finishing the quarter with 97,272 shares worth about $2.96 million.
• Multiple analysts recently lowered price targets for CRBG (e.g., BofA to $40, KBW to $31), though the consensus rating is a Moderate Buy with an average target of $35.33.
• Corebridge beat quarterly estimates with $1.22 EPS (vs. $1.11) and $6.34B in revenue, and raised its quarterly dividend to $0.25 (annualized $1.00), implying a ~3.8% yield.

Asset Management One Co. Ltd. lowered its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 30.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 97,272 shares of the company's stock after selling 42,770 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Corebridge Financial were worth $2,961,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CRBG. Community Bank N.A. acquired a new stake in Corebridge Financial during the 3rd quarter worth $26,000. Smartleaf Asset Management LLC raised its stake in Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company's stock worth $27,000 after buying an additional 377 shares during the period. Root Financial Partners LLC acquired a new stake in Corebridge Financial during the 3rd quarter worth $32,000. True Wealth Design LLC raised its stake in Corebridge Financial by 50.2% during the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company's stock worth $37,000 after buying an additional 412 shares during the period. Finally, Assetmark Inc. raised its stake in Corebridge Financial by 47.7% during the 3rd quarter. Assetmark Inc. now owns 1,390 shares of the company's stock worth $45,000 after buying an additional 449 shares during the period. Institutional investors and hedge funds own 98.25% of the company's stock.

Analyst Ratings Changes

CRBG has been the topic of several research analyst reports. Keefe, Bruyette & Woods dropped their price objective on Corebridge Financial from $32.00 to $31.00 and set an "outperform" rating on the stock in a research note on Friday, April 10th. Bank of America dropped their price objective on Corebridge Financial from $42.00 to $40.00 and set a "buy" rating on the stock in a research note on Tuesday, April 14th. JPMorgan Chase & Co. dropped their price objective on Corebridge Financial from $40.00 to $39.00 and set a "neutral" rating on the stock in a research note on Monday, January 5th. Mizuho dropped their price objective on Corebridge Financial from $39.00 to $31.00 and set an "outperform" rating on the stock in a research note on Monday, April 13th. Finally, Barclays dropped their price objective on Corebridge Financial from $33.00 to $30.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $35.33.

Corebridge Financial Stock Performance

CRBG opened at $26.53 on Friday. The business's 50-day moving average price is $25.67 and its two-hundred day moving average price is $28.90. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.57. The company has a market capitalization of $12.78 billion, a price-to-earnings ratio of -50.06, a P/E/G ratio of 0.36 and a beta of 1.12. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.11. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The firm had revenue of $6.34 billion for the quarter, compared to the consensus estimate of $5.02 billion. During the same quarter last year, the business posted $1.06 EPS. Equities analysts expect that Corebridge Financial, Inc. will post 4.99 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Tuesday, March 17th. This is a positive change from Corebridge Financial's previous quarterly dividend of $0.24. Corebridge Financial's dividend payout ratio is -188.68%.

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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