Russell Investments Group Ltd. Raises Stake in Corebridge Financial, Inc. $CRBG

Key Points

• Russell Investments raised its holdings by 19.3%, adding 245,695 shares to hold 1,518,492 shares of Corebridge (about $48.7M, ~0.29% of the company) at the end of the quarter.
• Corebridge beat quarterly estimates (EPS $1.22 vs. $1.11; revenue $6.34B vs. $5.02B) and increased its quarterly dividend to $0.25 (annual $1.00, ~4.3% yield; ex-dividend March 17).
• Analysts are mixed: the stock has a consensus "Moderate Buy" with a $37.09 target, but several firms have trimmed price targets and the shares trade near $23.49 (1‑year low ~$23.29) with a negative P/E.

Russell Investments Group Ltd. raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 19.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,518,492 shares of the company's stock after acquiring an additional 245,695 shares during the period. Russell Investments Group Ltd. owned about 0.29% of Corebridge Financial worth $48,712,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its holdings in shares of Corebridge Financial by 229.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company's stock valued at $41,042,000 after purchasing an additional 905,918 shares during the last quarter. Focus Partners Wealth bought a new stake in Corebridge Financial in the first quarter worth $384,000. Assetmark Inc. lifted its stake in Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company's stock worth $33,000 after purchasing an additional 356 shares during the last quarter. Aviva PLC purchased a new stake in Corebridge Financial during the second quarter valued at about $6,288,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of Corebridge Financial during the second quarter valued at about $333,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRBG has been the subject of several analyst reports. UBS Group dropped their target price on Corebridge Financial from $35.00 to $33.00 and set a "neutral" rating for the company in a report on Thursday, January 8th. TD Cowen dropped their price objective on Corebridge Financial from $38.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday. Weiss Ratings cut shares of Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, January 15th. Barclays decreased their target price on shares of Corebridge Financial from $34.00 to $33.00 and set an "overweight" rating on the stock in a research note on Wednesday. Finally, Wells Fargo & Company lowered their price target on shares of Corebridge Financial from $37.00 to $36.00 and set an "overweight" rating for the company in a report on Wednesday, February 25th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.09.

Corebridge Financial Stock Down 4.6%

Shares of NYSE:CRBG opened at $23.49 on Thursday. Corebridge Financial, Inc. has a 1 year low of $23.29 and a 1 year high of $36.57. The company has a market cap of $11.31 billion, a PE ratio of -44.32, a P/E/G ratio of 0.38 and a beta of 1.11. 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 stock's 50-day moving average is $29.40 and its 200 day moving average is $30.78.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Wednesday, February 11th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.11. The business had revenue of $6.34 billion during the quarter, compared to analysts' expectations 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 quarter last year, the business posted $1.06 EPS. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. This is a boost from Corebridge Financial's previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Tuesday, March 17th. 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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