Perpetual Ltd Raises Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Perpetual Ltd boosted its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 343.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,225 shares of the company's stock after purchasing an additional 34,253 shares during the period. Perpetual Ltd's holdings in Corebridge Financial were worth $1,396,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Smartleaf Asset Management LLC increased its stake in Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock valued at $27,000 after purchasing an additional 480 shares in the last quarter. Oarsman Capital Inc. purchased a new position in Corebridge Financial in the 4th quarter valued at approximately $30,000. Sunbelt Securities Inc. purchased a new position in Corebridge Financial in the 4th quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. increased its stake in Corebridge Financial by 58.4% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock valued at $34,000 after purchasing an additional 423 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Corebridge Financial by 25.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company's stock valued at $49,000 after purchasing an additional 329 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

CRBG stock opened at $35.92 on Friday. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.03. The stock's fifty day simple moving average is $31.91 and its 200-day simple moving average is $31.43. 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 market capitalization of $19.75 billion, a price-to-earnings ratio of 30.44, a price-to-earnings-growth ratio of 0.56 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.01. Corebridge Financial had a return on equity of 22.19% and a net margin of 3.73%. The business had revenue of $4.74 billion for the quarter, compared to analysts' expectations of $5.28 billion. During the same quarter last year, the firm earned $1.10 earnings per share. Equities research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Monday, June 16th. Corebridge Financial's dividend payout ratio (DPR) is 81.36%.

Analyst Ratings Changes

Several equities analysts recently weighed in on CRBG shares. Wall Street Zen raised Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. BMO Capital Markets raised their price objective on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday. Barclays raised their price target on Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a research report on Thursday. Piper Sandler raised their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 2nd. Finally, UBS Group downgraded Corebridge Financial from a "buy" rating to a "sell" rating and dropped their price target for the stock from $40.00 to $28.00 in a research report on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $37.85.

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.

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