Comerica Bank Boosts Stock Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• Comerica Bank raised its stake in Corebridge by 33.8% in Q4 to 193,103 shares (about $5.83M); other institutions also increased exposure—most notably Goldman Sachs, which boosted its position to 1.3M shares—and institutional ownership stands at 98.25%.
• Corebridge recently reported an EPS beat ($1.22 vs. $1.11 expected) and revenue of $6.34B (vs. $5.02B est.), yet the company shows a negative net margin (-1.73%) and a negative P/E (-52.01) with a market cap of about $13.3B.
• The board raised the quarterly dividend to $0.25 ($1.00 annualized, ~3.6% yield), and analysts hold a consensus rating of Moderate Buy with a $35 price target amid several recent target cuts and mixed ratings.

Comerica Bank increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 33.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 193,103 shares of the company's stock after purchasing an additional 48,832 shares during the period. Comerica Bank's holdings in Corebridge Financial were worth $5,826,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CRBG. Goldman Sachs Group Inc. raised its holdings in Corebridge Financial by 229.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company's stock worth $41,042,000 after purchasing an additional 905,918 shares in the last quarter. Focus Partners Wealth purchased a new position in Corebridge Financial during the first quarter worth about $384,000. Creative Planning purchased a new position in Corebridge Financial during the second quarter worth about $243,000. EverSource Wealth Advisors LLC raised its holdings in Corebridge Financial by 58.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company's stock worth $162,000 after purchasing an additional 1,688 shares in the last quarter. Finally, Cerity Partners LLC raised its holdings in Corebridge Financial by 64.4% during the second quarter. Cerity Partners LLC now owns 92,554 shares of the company's stock worth $3,286,000 after purchasing an additional 36,239 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Up 2.3%

CRBG stock opened at $27.57 on Friday. The company's 50 day simple moving average is $25.28 and its 200-day simple moving average is $28.72. The firm has a market capitalization of $13.28 billion, a PE ratio of -52.01, a P/E/G ratio of 0.38 and a beta of 1.12. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.57. 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 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. The business had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. During the same period in the prior year, the business earned $1.06 earnings per share. Equities analysts expect that Corebridge Financial, Inc. will post 4.95 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, March 17th. This is a positive change from Corebridge Financial's previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 3.6%. Corebridge Financial's payout ratio is currently -188.68%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CRBG shares. Weiss Ratings lowered shares of Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, January 15th. UBS Group lowered their target price 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. Wells Fargo & Company lowered their target price on shares of Corebridge Financial from $36.00 to $32.00 and set an "overweight" rating on the stock in a research report on Friday, April 10th. TD Cowen lowered their target price on shares of Corebridge Financial from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, March 10th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Corebridge Financial from $32.00 to $31.00 and set an "outperform" rating on the stock in a research report on Friday, April 10th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

About Corebridge Financial

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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