BNP Paribas Financial Markets Increases Position in Corebridge Financial, Inc. $CRBG

Key Points

• BNP Paribas Financial Markets increased its stake in Corebridge Financial by 211.7% in the fourth quarter, ending with 458,724 shares valued at about $13.84 million.
• Institutional ownership remains extremely high, with hedge funds and other institutional investors holding 98.25% of Corebridge’s shares.
• Corebridge recently reported quarterly EPS of $1.05, missing analyst expectations, while also declaring a $0.25 quarterly dividend that implies a 3.7% yield.

BNP Paribas Financial Markets boosted its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 211.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 458,724 shares of the company's stock after purchasing an additional 311,534 shares during the quarter. BNP Paribas Financial Markets owned about 0.09% of Corebridge Financial worth $13,840,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Community Bank N.A. purchased a new stake in Corebridge Financial in the third quarter worth about $26,000. Smartleaf Asset Management LLC grew its holdings in shares of Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company's stock valued at $27,000 after buying an additional 377 shares during the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock valued at $26,000 after buying an additional 532 shares during the last quarter. Rothschild Investment LLC grew its holdings in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after buying an additional 520 shares during the last quarter. Finally, True Wealth Design LLC grew its holdings in shares of Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company's stock valued at $37,000 after buying an additional 412 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $26.90 on Monday. The firm has a 50-day moving average price of $26.21 and a 200-day moving average price of $28.03. The firm has a market capitalization of $12.29 billion, a PE ratio of 48.92, a price-to-earnings-growth ratio of 0.29 and a beta of 1.14. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the previous year, the business earned $1.16 EPS. As a group, equities research analysts forecast that Corebridge Financial, Inc. will post 4.89 EPS for the current year.

Corebridge Financial Dividend Announcement

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 given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. Corebridge Financial's payout ratio is presently 181.82%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CRBG. UBS Group lowered their price objective on shares of Corebridge Financial from $33.00 to $29.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 28th. Bank of America lowered their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. Zacks Research downgraded shares of Corebridge Financial from a "hold" rating to a "strong sell" rating in a research report on Monday, May 4th. Barclays lowered their price objective on shares of Corebridge Financial from $33.00 to $30.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 8th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $31.00 to $38.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 6th. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $35.17.

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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