Los Angeles Capital Management LLC Has $7.88 Million Position in Corebridge Financial, Inc. $CRBG

Key Points

• Los Angeles Capital Management cut its Corebridge Financial stake by 25.1% in the fourth quarter, though it still held 248,239 shares valued at about $7.88 million.
• Wall Street sentiment remains broadly positive: analysts have a Moderate Buy consensus on CRBG, with a consensus price target of $35.17, even as several firms trimmed their targets recently.
• Corebridge shares were up 1.0% to $27.14, and the company also announced a quarterly dividend of $0.25 per share, payable June 30, implying a 3.7% annual yield.

Los Angeles Capital Management LLC lowered its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 25.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 248,239 shares of the company's stock after selling 83,012 shares during the period. Los Angeles Capital Management LLC's holdings in Corebridge Financial were worth $7,882,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Community Bank N.A. acquired a new position in Corebridge Financial in the third quarter worth approximately $26,000. Salomon & Ludwin LLC increased its holdings in Corebridge Financial by 179.7% in the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock worth $26,000 after buying an additional 532 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in Corebridge Financial by 83.6% in the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company's stock worth $27,000 after buying an additional 377 shares during the last quarter. Rothschild Investment LLC increased its holdings in Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock worth $27,000 after buying an additional 520 shares during the last quarter. Finally, True Wealth Design LLC grew its holdings in Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company's stock valued at $37,000 after purchasing an additional 412 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of recent analyst reports. Barclays dropped their price target on shares of Corebridge Financial from $33.00 to $30.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 8th. Piper Sandler dropped their price target on shares of Corebridge Financial from $35.00 to $31.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 26th. Keefe, Bruyette & Woods lifted their price target on shares of Corebridge Financial from $31.00 to $38.00 and gave the company an "outperform" rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. dropped their price target on shares of Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. Finally, TD Cowen dropped their price target 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. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Corebridge Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.17.

Corebridge Financial Trading Up 1.0%

Shares of Corebridge Financial stock opened at $27.14 on Tuesday. The company's fifty day simple moving average is $26.27 and its 200-day simple moving average is $28.02. The company has a market cap of $12.40 billion, a price-to-earnings ratio of 49.34, a PEG ratio of 0.29 and a beta of 1.14. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same quarter in the previous year, the business posted $1.16 EPS. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 4.89 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a $0.25 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.7%. Corebridge Financial's dividend payout ratio (DPR) is presently 181.82%.

Corebridge Financial Profile

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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