Bank of America Corp DE Has $17.26 Million Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Bank of America Corp DE lowered its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 41.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 576,563 shares of the company's stock after selling 411,172 shares during the quarter. Bank of America Corp DE owned about 0.10% of Corebridge Financial worth $17,257,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of CRBG. Nippon Life Insurance Co. bought a new position in Corebridge Financial in the fourth quarter valued at approximately $3,650,151,000. Norges Bank bought a new position in Corebridge Financial in the fourth quarter valued at approximately $283,212,000. Price T Rowe Associates Inc. MD lifted its stake in Corebridge Financial by 31.2% in 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 buying an additional 7,828,929 shares in the last quarter. Wellington Management Group LLP lifted its stake in Corebridge Financial by 4,624.2% in the fourth quarter. Wellington Management Group LLP now owns 3,707,960 shares of the company's stock valued at $110,979,000 after buying an additional 3,629,472 shares in the last quarter. Finally, Pzena Investment Management LLC lifted its stake in Corebridge Financial by 222.9% in 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 in the last quarter. Institutional investors own 98.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CRBG. Morgan Stanley boosted their price objective on shares of Corebridge Financial from $32.00 to $37.00 and gave the stock an "overweight" rating in a research report on Monday, May 19th. UBS Group lowered shares of Corebridge Financial from a "buy" rating to a "sell" rating and cut their price objective for the stock from $40.00 to $28.00 in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $37.00 to $39.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Wall Street Zen lowered shares of Corebridge Financial from a "hold" rating to a "sell" rating in a research report on Thursday. Finally, Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

Corebridge Financial Stock Performance

NYSE CRBG traded up $0.15 on Monday, hitting $31.80. 2,922,961 shares of the stock were exchanged, compared to its average volume of 3,412,223. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The business's fifty day moving average is $30.15 and its 200 day moving average is $31.18. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $35.36. The company has a market capitalization of $17.48 billion, a PE ratio of 8.41, a P/E/G ratio of 0.43 and a beta of 1.01.

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, topping the consensus estimate of $1.15 by $0.01. The firm had revenue of $4.74 billion for the quarter, compared to analyst estimates of $5.28 billion. Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. During the same period in the prior year, the firm posted $1.10 earnings per share. Research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.02%. The ex-dividend date is Monday, June 16th. Corebridge Financial's payout ratio is presently 81.36%.

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.