Fjarde AP Fonden Fourth Swedish National Pension Fund Raises Stock Position 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 grew its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 29.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,300 shares of the company's stock after buying 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 reporting period.

Several other hedge funds have also recently made changes to their positions in CRBG. Sunbelt Securities Inc. purchased a new stake in Corebridge Financial in the 4th quarter worth 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 worth $50,000 after acquiring an additional 748 shares in the last quarter. Quarry LP bought a new position in shares of Corebridge Financial during the fourth quarter valued at approximately $63,000. Golden State Wealth Management LLC bought a new position in shares of Corebridge Financial during the first quarter valued at approximately $75,000. Finally, MetLife Investment Management LLC boosted its stake in shares of Corebridge Financial by 16.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock valued at $155,000 after purchasing an additional 715 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

Shares of NYSE CRBG traded up $0.8040 during midday trading on Friday, reaching $34.9140. The company had a trading volume of 2,729,442 shares, compared to its average volume of 4,940,197. The business's 50-day simple moving average is $34.43 and its 200 day simple moving average is $32.41. The stock has a market cap of $18.80 billion, a P/E ratio of -57.24, a P/E/G ratio of 0.59 and a beta of 1.06. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86.

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

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Insider Activity

In related news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the transaction, the insider owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CRBG shares. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and increased their price objective for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Morgan Stanley raised their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, June 27th. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Piper Sandler raised their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Finally, BMO Capital Markets raised their target price 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. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Corebridge Financial presently has an average rating of "Moderate Buy" and an average target price of $40.70.

Corebridge Financial Profile

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.