Ruffer LLP Invests $2.94 Million in Corebridge Financial, Inc. $CRBG

Key Points

• Ruffer LLP opened a new position in Corebridge Financial of 97,176 shares, valued at approximately $2.94 million in the fourth quarter.
• Corebridge beat expectations last quarter with EPS of $1.22 (vs. $1.11 expected) and revenue of $6.34 billion, and has a market cap of about $12.65 billion.
• The company raised its quarterly dividend to $0.25 (annualized $1.00, yield 3.8%), and analysts hold a consensus Moderate Buy rating with a $35.33 price target.

Ruffer LLP acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 97,176 shares of the company's stock, valued at approximately $2,936,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Corebridge Financial by 7.2% in the 3rd quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company's stock worth $859,963,000 after acquiring an additional 1,805,819 shares during the last quarter. Machina Capital S.A.S. bought a new stake in Corebridge Financial during the 3rd quarter valued at $1,182,000. Algebris UK Ltd. raised its holdings in Corebridge Financial by 31.4% during the 3rd quarter. Algebris UK Ltd. now owns 1,393,378 shares of the company's stock valued at $44,624,000 after buying an additional 333,245 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Corebridge Financial by 6.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company's stock valued at $214,372,000 after buying an additional 430,308 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Corebridge Financial by 928.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 68,226 shares of the company's stock valued at $2,187,000 after buying an additional 61,595 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Down 2.3%

Shares of Corebridge Financial stock opened at $26.25 on Wednesday. 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's fifty day simple moving average is $25.84 and its two-hundred day simple moving average is $28.93. The company has a market cap of $12.65 billion, a P/E ratio of -49.53, a PEG ratio of 0.44 and a beta of 1.12. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.11 by $0.11. The business had revenue of $6.34 billion for the quarter, compared to the consensus estimate of $5.02 billion. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. During the same period in the previous year, the firm earned $1.06 EPS. Research analysts anticipate that Corebridge Financial, Inc. will post 5.08 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Tuesday, March 17th. This is an increase from Corebridge Financial's previous quarterly dividend of $0.24. Corebridge Financial's payout ratio is presently -188.68%.

Analyst Ratings Changes

A number of research firms recently commented on CRBG. Piper Sandler upgraded shares of Corebridge Financial to a "strong-buy" rating in a report on Thursday, April 2nd. TD Cowen lowered their price target on shares of Corebridge Financial from $38.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, March 10th. Barclays lowered their price target on shares of Corebridge Financial from $33.00 to $30.00 and set an "overweight" rating for the company in a report on Wednesday, April 8th. JPMorgan Chase & Co. lowered their price target on shares of Corebridge Financial from $40.00 to $39.00 and set a "neutral" rating for the company in a report on Monday, January 5th. Finally, Zacks Research upgraded shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $35.33.

About Corebridge Financial

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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