State of Michigan Retirement System Purchases Shares of 70,600 Corebridge Financial, Inc. $CRBG

Key Points

• State of Michigan Retirement System established a new stake of 70,600 shares in Corebridge during Q4, valued at about $2.13 million, while institutional investors now own roughly 98.25% of the company.
• Corebridge beat expectations in its last quarter, reporting $1.22 EPS versus a $1.11 consensus and revenue of $6.34 billion versus $5.02 billion expected.
• The company raised its quarterly dividend to $0.25 (annualized $1.00) for a 3.6% yield, and analysts show a consensus rating of Moderate Buy with an average target price of $35.00.

State of Michigan Retirement System bought a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 70,600 shares of the company's stock, valued at approximately $2,130,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Community Bank N.A. acquired a new stake in Corebridge Financial in the 3rd quarter valued at $26,000. Salomon & Ludwin LLC raised its stake in Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock worth $26,000 after acquiring an additional 532 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in 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 in the last quarter. Root Financial Partners LLC bought a new position in shares of Corebridge Financial during the third quarter valued at $32,000. Finally, True Wealth Design LLC lifted its holdings in shares of Corebridge Financial by 50.2% during the fourth 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 period. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Price Performance

CRBG opened at $27.53 on Friday. The stock has a market cap of $13.26 billion, a P/E ratio of -51.95, a P/E/G ratio of 0.39 and a beta of 1.18. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. The company has a fifty day simple moving average of $25.28 and a 200 day simple moving average of $28.72.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results 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. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The firm had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same period in the previous year, the company posted $1.06 earnings per share. On average, research analysts expect that Corebridge Financial, Inc. will post 4.91 EPS for the current 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 given a $0.25 dividend. The ex-dividend date was Tuesday, March 17th. This represents a $1.00 annualized dividend and a dividend yield of 3.6%. This is a boost from Corebridge Financial's previous quarterly dividend of $0.24. Corebridge Financial's payout ratio is presently -188.68%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Piper Sandler raised shares of Corebridge Financial to a "strong-buy" rating in a report on Thursday, April 2nd. Bank of America dropped their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a "buy" rating for the company in a report on Tuesday, April 14th. 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. UBS Group reduced their target price on Corebridge Financial from $33.00 to $29.00 and set a "neutral" rating on the stock in a report on Tuesday. Finally, Zacks Research raised Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $35.00.

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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