Robeco Institutional Asset Management B.V. Cuts Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• Robeco Institutional Asset Management cut its stake in Corebridge Financial (NYSE: CRBG) by 24.5% in Q4, selling 189,851 shares and ending the period with 585,913 shares worth about $17.68 million.
• Institutional ownership remains very high at 98.25%, with large managers such as Vanguard, Pzena and Marshall Wace materially increasing their positions in recent quarters.
• Analysts have a consensus rating of Moderate Buy with a $35.33 average price target (versus the recent share price near $25.57), and Corebridge recently raised its quarterly dividend to $0.25 (a 3.9% yield).

Robeco Institutional Asset Management B.V. decreased its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 24.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 585,913 shares of the company's stock after selling 189,851 shares during the period. Robeco Institutional Asset Management B.V. owned about 0.11% of Corebridge Financial worth $17,677,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRBG. Pzena Investment Management LLC increased its holdings in Corebridge Financial by 19.3% in the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company's stock valued at $715,651,000 after buying an additional 3,605,498 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Corebridge Financial during the third quarter worth about $69,738,000. Vanguard Group Inc. increased its stake in shares of Corebridge Financial by 7.2% during the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company's stock worth $859,963,000 after purchasing an additional 1,805,819 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Corebridge Financial by 16,388.6% during the third quarter. Marshall Wace LLP now owns 1,525,031 shares of the company's stock worth $48,877,000 after purchasing an additional 1,515,782 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Corebridge Financial by 229.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company's stock worth $41,042,000 after purchasing an additional 905,918 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CRBG. JPMorgan Chase & Co. cut their target price on shares of Corebridge Financial from $40.00 to $39.00 and set a "neutral" rating for the company in a research note on Monday, January 5th. Keefe, Bruyette & Woods cut their target price on shares of Corebridge Financial from $32.00 to $31.00 and set an "outperform" rating for the company in a research note on Friday, April 10th. Mizuho cut their target price on shares of Corebridge Financial from $39.00 to $31.00 and set an "outperform" rating for the company in a research note on Monday. Bank of America cut their target price on shares of Corebridge Financial from $42.00 to $40.00 and set a "buy" rating for the company in a research note on Tuesday. Finally, Wells Fargo & Company cut their target price on shares of Corebridge Financial from $36.00 to $32.00 and set an "overweight" rating for the company in a research note on Friday, April 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $35.33.

Corebridge Financial Stock Up 2.5%

Shares of NYSE CRBG opened at $25.57 on Wednesday. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.57. The stock has a market cap of $12.32 billion, a PE ratio of -48.24, a P/E/G ratio of 0.40 and a beta of 1.12. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. The company has a 50-day moving average of $26.27 and a 200 day moving average of $29.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced 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. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The company had revenue of $6.34 billion during the quarter, compared to analysts' expectations of $5.02 billion. During the same quarter in the prior year, the company earned $1.06 EPS. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 3.9%. This is a boost from Corebridge Financial's previous quarterly dividend of $0.24. Corebridge Financial's dividend payout ratio is currently -188.68%.

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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