Corebridge Financial, Inc. (NYSE:CRBG) Holdings Lowered by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. trimmed its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 36.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 73,749 shares of the company's stock after selling 42,640 shares during the period. Assenagon Asset Management S.A.'s holdings in Corebridge Financial were worth $2,328,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in shares of Corebridge Financial by 25.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company's stock worth $49,000 after purchasing an additional 329 shares during the period. Whittier Trust Co. of Nevada Inc. increased its stake in Corebridge Financial by 58.4% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock worth $34,000 after acquiring an additional 423 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock valued at $27,000 after purchasing an additional 480 shares in the last quarter. Sanctuary Advisors LLC grew its holdings in shares of Corebridge Financial by 3.1% during the 4th quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company's stock worth $664,000 after purchasing an additional 660 shares during the period. Finally, MetLife Investment Management LLC increased its position in Corebridge Financial by 16.0% during the 4th quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock worth $155,000 after purchasing an additional 715 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Piper Sandler lifted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods lifted their target price on shares of Corebridge Financial from $37.00 to $39.00 and gave the company an "outperform" rating in a report on Wednesday, May 7th. Barclays lifted their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Finally, UBS Group lowered shares of Corebridge Financial from a "buy" rating to a "sell" rating and reduced their target price for the company from $40.00 to $28.00 in a report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

Corebridge Financial Stock Up 1.8%

Shares of CRBG traded up $0.58 during midday trading on Wednesday, hitting $32.60. The company had a trading volume of 3,648,705 shares, compared to its average volume of 3,244,533. The company's 50 day moving average price is $30.96 and its 200 day moving average price is $31.33. The stock has a market cap of $17.92 billion, a price-to-earnings ratio of 6.53, a PEG ratio of 0.52 and a beta of 1.04. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $35.36. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.96.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.01. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. The business had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter in the prior year, the firm earned $1.10 EPS. On average, equities research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Monday, June 16th. Corebridge Financial's dividend payout ratio is currently 81.36%.

About Corebridge Financial

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.