United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Makes New Investment in Corebridge Financial, Inc. $CRBG

Key Points

• United Super Pty Ltd opened a new position in Corebridge Financial during the fourth quarter, buying 177,588 shares valued at about $5.36 million.
• Corebridge Financial’s latest quarterly results missed expectations, with EPS of $1.05 versus $1.07 expected and revenue of $4.09 billion versus $5.06 billion expected.
• The company declared a quarterly dividend of $0.25 per share, implying a 3.7% yield, while Wall Street analysts currently rate the stock a Moderate Buy with an average price target of $35.17.

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 177,588 shares of the company's stock, valued at approximately $5,358,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Bank of Nova Scotia raised its holdings in Corebridge Financial by 3.8% during the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company's stock worth $331,000 after purchasing an additional 340 shares during the last quarter. Severin Investments LLC raised its holdings in Corebridge Financial by 1.4% during the 3rd quarter. Severin Investments LLC now owns 24,778 shares of the company's stock worth $794,000 after purchasing an additional 350 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company's stock worth $27,000 after purchasing an additional 377 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in Corebridge Financial by 2.5% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company's stock worth $494,000 after purchasing an additional 383 shares during the last quarter. Finally, True Wealth Design LLC raised its holdings in Corebridge Financial by 50.2% during the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company's stock worth $37,000 after purchasing an additional 412 shares during the last quarter. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Price Performance

CRBG opened at $26.97 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market capitalization of $12.32 billion, a price-to-earnings ratio of 49.03, a P/E/G ratio of 0.29 and a beta of 1.18. The firm's fifty day moving average price is $25.91 and its two-hundred day moving average price is $28.14. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). The firm had revenue of $4.09 billion for the quarter, compared to analysts' expectations of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same period in the prior year, the firm earned $1.16 earnings per share. As a group, analysts anticipate that Corebridge Financial, Inc. will post 4.89 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, June 16th. Corebridge Financial's payout ratio is currently 181.82%.

Wall Street Analysts Forecast Growth

CRBG has been the subject of several research analyst reports. Barclays lowered 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 note on Wednesday, April 8th. Keefe, Bruyette & Woods lifted their price objective on shares of Corebridge Financial from $31.00 to $38.00 and gave the company an "outperform" rating in a research note on Wednesday, May 6th. UBS Group lowered 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 note on Tuesday, April 28th. Morgan Stanley lowered their price objective on shares of Corebridge Financial from $35.00 to $32.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 3rd. Finally, Weiss Ratings lowered shares of Corebridge Financial from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $35.17.

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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