Retirement Systems of Alabama Grows Stake in Corebridge Financial, Inc. $CRBG

Key Points

• Retirement Systems of Alabama boosted its stake in Corebridge by 241.4% in Q4, adding 320,851 shares to hold 453,751 shares valued at $13.69 million (about 0.09% of the company).
• Corebridge beat Q4 estimates with EPS of $1.22 vs. $1.11 expected and revenue of $6.34B vs. $5.02B, and raised its quarterly dividend to $0.25 (annualized $1.00, ~4.2% yield).
• The stock trades near $23.99 with a market cap of $11.56B and a consensus target of $36.27 ("Moderate Buy"), despite a negative P/E (-45.27) and a negative net margin (-1.73%).

Retirement Systems of Alabama boosted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 241.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 453,751 shares of the company's stock after purchasing an additional 320,851 shares during the quarter. Retirement Systems of Alabama owned about 0.09% of Corebridge Financial worth $13,690,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Community Bank N.A. purchased a new stake in Corebridge Financial during the 3rd quarter valued at approximately $26,000. Smartleaf Asset Management LLC boosted its position 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 worth $27,000 after acquiring an additional 377 shares during the last quarter. Root Financial Partners LLC purchased a new position in Corebridge Financial during the third quarter valued at $32,000. True Wealth Design LLC increased its holdings in Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company's stock valued at $37,000 after acquiring an additional 412 shares during the last quarter. Finally, Assetmark Inc. increased its holdings in Corebridge Financial by 47.7% in the 3rd quarter. Assetmark Inc. now owns 1,390 shares of the company's stock valued at $45,000 after acquiring an additional 449 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Trading Down 0.6%

Shares of NYSE CRBG opened at $23.99 on Friday. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.57. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. The business's 50 day moving average is $27.20 and its two-hundred day moving average is $29.63. The stock has a market capitalization of $11.56 billion, a P/E ratio of -45.27, a PEG ratio of 0.38 and a beta of 1.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.11. The business had revenue of $6.34 billion during the quarter, compared to analyst estimates of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same period last year, the company earned $1.06 EPS. As a group, research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were paid a $0.25 dividend. This is an increase from Corebridge Financial's previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Tuesday, March 17th. Corebridge Financial's payout ratio is currently -188.68%.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRBG. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. TD Cowen decreased their target price on Corebridge Financial from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, March 10th. Weiss Ratings lowered Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, January 15th. Wells Fargo & Company cut their price target on Corebridge Financial from $37.00 to $36.00 and set an "overweight" rating for the company in a report on Wednesday, February 25th. Finally, JPMorgan Chase & Co. reduced their price objective on Corebridge Financial from $40.00 to $39.00 and set a "neutral" rating on the stock in a research note on Monday, January 5th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $36.27.

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.

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