Legal & General Group Plc Cuts Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Legal & General Group Plc cut its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 40.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 669,021 shares of the company's stock after selling 453,196 shares during the quarter. Legal & General Group Plc owned 0.12% of Corebridge Financial worth $20,024,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio increased its holdings in shares of Corebridge Financial by 11.3% during the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company's stock worth $4,871,000 after buying an additional 16,970 shares in the last quarter. Virtu Financial LLC bought a new position in Corebridge Financial in the third quarter valued at about $581,000. New York Life Investment Management LLC acquired a new stake in shares of Corebridge Financial during the fourth quarter valued at about $781,000. First Hawaiian Bank acquired a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $1,168,000. Finally, Raymond James Financial Inc. bought a new position in Corebridge Financial in the 4th quarter valued at approximately $31,844,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Up 1.5 %

Shares of CRBG stock traded up $0.42 on Friday, reaching $27.71. 2,840,221 shares of the company were exchanged, compared to its average volume of 3,575,869. The company has a 50-day moving average of $31.11 and a 200-day moving average of $31.18. The company has a market cap of $15.40 billion, a price-to-earnings ratio of 7.33, a PEG ratio of 0.43 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $35.36.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. Analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend was Monday, March 17th. This is a positive change from Corebridge Financial's previous quarterly dividend of $0.23. Corebridge Financial's dividend payout ratio is currently 25.40%.

Analyst Upgrades and Downgrades

CRBG has been the subject of several analyst reports. Barclays dropped their price target on shares of Corebridge Financial from $37.00 to $36.00 and set an "overweight" rating for the company in a research note on Friday, April 11th. UBS Group downgraded Corebridge Financial from a "buy" rating to a "sell" rating and lowered their price objective for the stock from $40.00 to $28.00 in a research report on Wednesday, April 2nd. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price target for the company. Wells Fargo & Company decreased their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and boosted their target price for the company from $33.00 to $40.00 in a report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, Corebridge Financial currently has a consensus rating of "Moderate Buy" and an average price target of $36.15.

Corebridge Financial Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.