Northern Trust Corp Purchases 255,403 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Northern Trust Corp raised its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 14.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,049,842 shares of the company's stock after acquiring an additional 255,403 shares during the quarter. Northern Trust Corp owned about 0.36% of Corebridge Financial worth $61,352,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Fortitude Family Office LLC acquired a new stake in Corebridge Financial in the 4th quarter valued at approximately $27,000. FNY Investment Advisers LLC bought a new position in Corebridge Financial during the fourth quarter worth $27,000. Smartleaf Asset Management LLC increased its position in Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock worth $27,000 after acquiring an additional 480 shares during the period. Oarsman Capital Inc. acquired a new position in Corebridge Financial during the 4th quarter valued at $30,000. Finally, Blue Trust Inc. raised its position in shares of Corebridge Financial by 183.2% during the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company's stock valued at $33,000 after buying an additional 729 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CRBG has been the topic of several recent research reports. BMO Capital Markets initiated coverage on Corebridge Financial in a report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price objective on the stock. Morgan Stanley decreased their price target on shares of Corebridge Financial from $43.00 to $32.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Wells Fargo & Company upped their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Barclays raised their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Finally, Piper Sandler upped their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.62.

Corebridge Financial Stock Up 5.3%

Corebridge Financial stock traded up $1.65 during midday trading on Monday, reaching $32.79. The stock had a trading volume of 281,552 shares, compared to its average volume of 3,481,034. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $35.36. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The firm's fifty day simple moving average is $30.04 and its 200-day simple moving average is $31.13. The stock has a market capitalization of $18.04 billion, a P/E ratio of 8.66, a price-to-earnings-growth ratio of 0.43 and a beta of 1.01.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.01. The business had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $5.28 billion. Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. During the same quarter last year, the firm earned $1.10 earnings per share. As a group, analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Monday, June 16th. Corebridge Financial's dividend payout ratio (DPR) is presently 81.36%.

About Corebridge Financial

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.