Fjarde AP Fonden Fourth Swedish National Pension Fund Has $1.62 Million Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• The Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in Corebridge Financial, Inc. by 29.5% in Q1, holding 51,300 shares valued at $1.62 million.
• Several analysts have upgraded their price targets for Corebridge Financial, with Barclays setting a target at $45.00 and Keefe, Bruyette & Woods increasing theirs to $42.00.
• Corebridge Financial recently declared a quarterly dividend of $0.24 per share, representing an annual yield of 2.8%, despite a high dividend payout ratio of -157.38%.

Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 29.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,300 shares of the company's stock after purchasing an additional 11,700 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Corebridge Financial were worth $1,620,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its stake in Corebridge Financial by 31.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock valued at $986,539,000 after purchasing an additional 7,828,929 shares during the period. Vanguard Group Inc. boosted its stake in Corebridge Financial by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock valued at $765,571,000 after purchasing an additional 324,692 shares during the period. Pzena Investment Management LLC boosted its stake in Corebridge Financial by 73.6% during the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after purchasing an additional 3,412,147 shares during the period. AQR Capital Management LLC boosted its stake in Corebridge Financial by 10.5% during the 4th quarter. AQR Capital Management LLC now owns 5,556,761 shares of the company's stock valued at $166,314,000 after purchasing an additional 527,376 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Corebridge Financial by 16.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,457,441 shares of the company's stock valued at $163,344,000 after purchasing an additional 770,255 shares during the period. Institutional investors own 98.25% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CRBG. Piper Sandler increased their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. BMO Capital Markets raised their price objective on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research report on Friday, June 27th. Wells Fargo & Company raised their price objective on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and raised their price objective for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.70.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the sale, the insider directly owned 83,896,013 shares of the company's stock, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.29% of the company's stock.

Corebridge Financial Price Performance

CRBG traded up $0.7950 during trading on Friday, hitting $34.9050. The company's stock had a trading volume of 1,787,423 shares, compared to its average volume of 3,318,336. The firm's 50 day moving average price is $34.37 and its two-hundred day moving average price is $32.40. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The stock has a market capitalization of $18.80 billion, a price-to-earnings ratio of -57.22, a price-to-earnings-growth ratio of 0.58 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.15 by $0.21. The company had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same period last year, the firm earned $1.13 EPS. Sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is -157.38%.

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.