Corebridge Financial, Inc. (NYSE:CRBG) Shares Bought by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. increased its holdings in Corebridge Financial, Inc. by 8.9% in Q1, owning approximately 0.07% of the company worth $12,091,000 after acquiring an additional 31,410 shares.
• Corebridge Financial announced a quarterly dividend of $0.24 per share, representing an annualized payout of $0.96 and a dividend yield of 2.8%.
• Analysts have revised their price targets for Corebridge Financial, with Wells Fargo raising theirs from $37.00 to $42.00, indicating a consensus rating of "Moderate Buy" and a price target of $39.91.

Federated Hermes Inc. grew its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 8.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 382,975 shares of the company's stock after buying an additional 31,410 shares during the quarter. Federated Hermes Inc. owned 0.07% of Corebridge Financial worth $12,091,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in CRBG. Oarsman Capital Inc. acquired a new stake in Corebridge Financial in the 4th quarter valued at about $30,000. Sunbelt Securities Inc. acquired a new stake in Corebridge Financial in the 4th quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. grew its stake in Corebridge Financial by 80.2% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock valued at $50,000 after acquiring an additional 748 shares during the last quarter. Quarry LP acquired a new stake in shares of Corebridge Financial during the 4th quarter worth about $63,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in shares of Corebridge Financial during the 4th quarter worth about $64,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Barclays increased their price objective on shares of Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. BMO Capital Markets lifted their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. Morgan Stanley lifted their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. JPMorgan Chase & Co. lifted their price objective on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $40.70.

Corebridge Financial Price Performance

NYSE:CRBG traded down $0.53 on Tuesday, reaching $34.26. 4,905,035 shares of the company's stock traded hands, compared to its average volume of 3,087,021. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.96. The stock has a 50-day simple moving average of $34.07 and a 200-day simple moving average of $32.31. The firm has a market cap of $18.83 billion, a PE ratio of 29.03, a P/E/G ratio of 0.56 and a beta of 1.06. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.15 by $0.21. The company had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a return on equity of 22.19% and a net margin of 3.73%. During the same quarter last year, the business posted $1.13 earnings per share. Equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. 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.