New York State Teachers Retirement System Takes Position in Corebridge Financial, Inc. $CRBG

Key Points

• New York State Teachers Retirement System disclosed a new stake in Corebridge Financial, buying 68,668 shares worth about $2.07 million in the fourth quarter. Overall, 98.25% of Corebridge stock is now held by hedge funds and other institutional investors.
• Corebridge reported quarterly earnings of $1.05 per share, missing analyst estimates of $1.07, while revenue came in at $4.09 billion versus expectations of $5.06 billion. The company’s net margin was 1.20% and return on equity was 18.44%.
• The company declared a quarterly dividend of $0.25 per share, equal to a 3.7% annualized yield, and analysts currently rate the stock a Moderate Buy with an average price target of $35.92.

New York State Teachers Retirement System bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 68,668 shares of the company's stock, valued at approximately $2,072,000.

Several other institutional investors also recently bought and sold shares of the stock. Community Bank N.A. bought a new position in Corebridge Financial during the 3rd quarter worth approximately $26,000. Salomon & Ludwin LLC lifted its position in Corebridge Financial by 179.7% in the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock valued at $26,000 after purchasing an additional 532 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company's stock valued at $27,000 after purchasing an additional 377 shares during the period. Root Financial Partners LLC purchased a new stake in shares of Corebridge Financial during the third quarter valued at approximately $32,000. Finally, True Wealth Design LLC grew its holdings in shares of Corebridge Financial by 50.2% in the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company's stock worth $37,000 after purchasing an additional 412 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $27.27 on Friday. The firm has a market capitalization of $13.14 billion, a price-to-earnings ratio of 49.59, a PEG ratio of 0.38 and a beta of 1.18. The stock has a fifty day moving average of $25.27 and a 200 day moving average of $28.61. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The company had revenue of $4.09 billion for the quarter, compared to analysts' expectations of $5.06 billion. During the same period in the previous year, the firm posted $1.16 earnings per share. As a group, research analysts expect that Corebridge Financial, Inc. will post 4.92 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a dividend of $0.25 per share. 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 payout ratio is currently 181.82%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CRBG shares. Weiss Ratings lowered shares of Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, January 15th. Bank of America cut their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a "buy" rating on the stock in a report on Tuesday, April 14th. Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $31.00 to $38.00 and gave the company an "outperform" rating in a research report on Wednesday. Piper Sandler raised shares of Corebridge Financial to a "strong-buy" rating in a research note on Thursday, April 2nd. Finally, Wells Fargo & Company dropped their target price on shares of Corebridge Financial from $36.00 to $32.00 and set an "overweight" rating for the company in a report on Friday, April 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $35.92.

Corebridge Financial Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.