Teachers Retirement System of The State of Kentucky Buys New Shares in Corebridge Financial, Inc. $CRBG

Key Points

• Teachers Retirement System of Kentucky bought a new stake in Corebridge Financial (CRBG) of 82,500 shares worth about $2.49 million, and institutional ownership overall is very high at 98.25% with large positions held by Pzena, Vanguard and others.
• Analysts are mixed: the consensus rating is a “Moderate Buy” with a $35 price target, but several firms (UBS, JPMorgan, Barclays) recently cut price targets while some firms maintain buy or hold views.
• Corebridge shares trade around $26.95 (12‑month range $22.19–$36.57); the company recently beat quarterly EPS and revenue estimates and raised its quarterly dividend to $0.25 (a 3.7% yield), though the payout ratio remains negative.

Teachers Retirement System of The State of Kentucky bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 82,500 shares of the company's stock, valued at approximately $2,489,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Pzena Investment Management LLC increased its position in shares of Corebridge Financial by 19.3% in the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company's stock worth $715,651,000 after acquiring an additional 3,605,498 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Corebridge Financial in the third quarter worth $69,738,000. Vanguard Group Inc. increased its position in shares of Corebridge Financial by 7.2% in the third 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 in the last quarter. Marshall Wace LLP increased its position in shares of Corebridge Financial by 16,388.6% in the third quarter. Marshall Wace LLP now owns 1,525,031 shares of the company's stock worth $48,877,000 after acquiring an additional 1,515,782 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company's stock worth $41,042,000 after acquiring an additional 905,918 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on CRBG. UBS Group dropped their price objective on shares of Corebridge Financial from $33.00 to $29.00 and set a "neutral" rating for the company in a research report on Tuesday. JPMorgan Chase & Co. dropped their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set a "neutral" rating for the company in a research report on Monday, January 5th. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Friday, March 6th. Barclays dropped their price objective on shares of Corebridge Financial from $33.00 to $30.00 and set an "overweight" rating for the company in a research report on Wednesday, April 8th. Finally, TD Cowen dropped their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $35.00.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $26.95 on Wednesday. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.57. The company has a market capitalization of $12.98 billion, a price-to-earnings ratio of -50.85, a price-to-earnings-growth ratio of 0.37 and a beta of 1.12. 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 firm's fifty day moving average price is $25.41 and its 200 day moving average price is $28.74.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $6.34 billion for the quarter, compared to the consensus estimate of $5.02 billion. During the same quarter in the previous year, the firm posted $1.06 EPS. On average, research analysts forecast that Corebridge Financial, Inc. will post 4.95 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently declared 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. This is a positive change from Corebridge Financial's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 3.7%. Corebridge Financial's payout ratio is presently -188.68%.

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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