Redwood Investment Management LLC Makes New $5.10 Million Investment in Corebridge Financial, Inc. (NYSE:CRBG)

Redwood Investment Management LLC acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 170,358 shares of the company's stock, valued at approximately $5,099,000.

Other hedge funds have also recently made changes to their positions in the company. Barclays PLC lifted its stake in Corebridge Financial by 20.0% in the third quarter. Barclays PLC now owns 358,035 shares of the company's stock worth $10,441,000 after acquiring an additional 59,702 shares during the period. FNY Investment Advisers LLC bought a new position in Corebridge Financial in the 4th quarter worth $27,000. Assenagon Asset Management S.A. raised its holdings in Corebridge Financial by 3.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 116,389 shares of the company's stock worth $3,484,000 after purchasing an additional 4,135 shares in the last quarter. Park Avenue Securities LLC lifted its position in shares of Corebridge Financial by 52.2% in the 4th quarter. Park Avenue Securities LLC now owns 12,210 shares of the company's stock worth $365,000 after purchasing an additional 4,188 shares during the period. Finally, Artemis Investment Management LLP boosted its stake in shares of Corebridge Financial by 21.5% during the 4th quarter. Artemis Investment Management LLP now owns 1,898,551 shares of the company's stock valued at $56,824,000 after purchasing an additional 335,532 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Trading Down 1.4%

Corebridge Financial stock opened at $32.34 on Thursday. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $35.36. The company has a market capitalization of $17.80 billion, a price-to-earnings ratio of 8.56, a price-to-earnings-growth ratio of 0.43 and a beta of 1.01. The business's fifty day simple moving average is $30.05 and its two-hundred day simple moving average is $31.16. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16.

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

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $0.24 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.97%. Corebridge Financial's dividend payout ratio (DPR) is presently 81.36%.

Analyst Upgrades and Downgrades

CRBG has been the subject of a number of research reports. UBS Group downgraded shares of Corebridge Financial from a "buy" rating to a "sell" rating and decreased their price target for the stock from $40.00 to $28.00 in a research note on Wednesday, April 2nd. BMO Capital Markets assumed coverage on Corebridge Financial in a research note on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 target price for the company. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $37.00 to $39.00 and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Piper Sandler increased their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. Finally, Barclays raised their price objective on Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Corebridge Financial has an average rating of "Moderate Buy" and an average price target of $36.62.

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.

Want to see what other hedge funds are holding CRBG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corebridge Financial, Inc. (NYSE:CRBG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.