Retirement Systems of Alabama Makes New $2.36 Million Investment in Corebridge Financial, Inc. (NYSE:CRBG)

Retirement Systems of Alabama acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 74,700 shares of the company's stock, valued at approximately $2,358,000.

Other large investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its holdings in Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock worth $27,000 after purchasing an additional 480 shares in the last quarter. Oarsman Capital Inc. bought a new position in Corebridge Financial during the fourth quarter valued at about $30,000. Sunbelt Securities Inc. acquired a new stake in shares of Corebridge Financial in the fourth quarter worth about $30,000. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Corebridge Financial by 58.4% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock worth $34,000 after acquiring an additional 423 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Corebridge Financial by 25.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company's stock valued at $49,000 after acquiring an additional 329 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock traded up $1.95 during mid-day trading on Thursday, reaching $35.02. 7,204,492 shares of the stock were exchanged, compared to its average volume of 3,155,222. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $35.50. The company has a market cap of $19.25 billion, a price-to-earnings ratio of 29.68, a price-to-earnings-growth ratio of 0.54 and a beta of 1.04. The firm has a 50-day simple moving average of $31.60 and a 200 day simple moving average of $31.36. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.96.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.01. The company had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $5.28 billion. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. During the same quarter in the previous year, the company posted $1.10 earnings per share. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a $0.24 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.74%. Corebridge Financial's payout ratio is 81.36%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CRBG shares. Piper Sandler upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 2nd. Barclays raised their price target on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a research report on Thursday. Morgan Stanley lifted their price objective on Corebridge Financial from $32.00 to $37.00 and gave the stock an "overweight" rating in a research note on Monday, May 19th. Keefe, Bruyette & Woods increased their target price on Corebridge Financial from $37.00 to $39.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. 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 issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Corebridge Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.54.

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.