Royal Bank of Canada Acquires 377,159 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Royal Bank of Canada grew its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 365.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 480,438 shares of the company's stock after acquiring an additional 377,159 shares during the quarter. Royal Bank of Canada owned 0.08% of Corebridge Financial worth $14,379,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Raiffeisen Bank International AG bought a new stake in Corebridge Financial during the fourth quarter worth about $588,000. Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of Corebridge Financial by 80.2% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after acquiring an additional 748 shares during the period. Redwood Investment Management LLC bought a new stake in shares of Corebridge Financial during the 4th quarter worth approximately $5,099,000. Prana Capital Management LP lifted its holdings in shares of Corebridge Financial by 546.3% during the 4th quarter. Prana Capital Management LP now owns 641,087 shares of the company's stock worth $19,188,000 after acquiring an additional 541,901 shares during the period. Finally, Man Group plc lifted its stake in Corebridge Financial by 15.5% during the fourth quarter. Man Group plc now owns 2,588,284 shares of the company's stock worth $77,467,000 after purchasing an additional 346,836 shares during the last quarter. Institutional investors own 98.25% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in 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 note on Wednesday, April 2nd. UBS Group downgraded Corebridge Financial from a "buy" rating to a "sell" rating and dropped their price objective for the stock from $40.00 to $28.00 in a research report on Wednesday, April 2nd. Barclays increased their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Wall Street Zen cut shares of Corebridge Financial from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, Wells Fargo & Company increased their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Corebridge Financial Trading Down 0.2%

Shares of CRBG stock traded down $0.07 during trading hours on Friday, hitting $32.60. 4,302,964 shares of the company's stock traded hands, compared to its average volume of 3,353,865. The stock has a market cap of $17.92 billion, a PE ratio of 8.62, a price-to-earnings-growth ratio of 0.43 and a beta of 1.01. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $35.36. The stock's 50 day simple moving average is $30.13 and its 200 day simple moving average is $31.23.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results 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 22.69% and a net margin of 11.39%. The business had revenue of $4.74 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same period last year, the company earned $1.10 EPS. On average, sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.94%. Corebridge Financial's payout ratio is 81.36%.

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.