Strive Asset Management LLC Makes New Investment in Corebridge Financial, Inc. $CRBG

Strive Asset Management LLC acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the third quarter, HoldingsChannel reports. The fund acquired 20,000 shares of the company’s stock, valued at approximately $641,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CRBG. Vanguard Group Inc. raised its stake in Corebridge Financial by 7.2% in the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after buying an additional 1,805,819 shares during the period. Algebris UK Ltd. raised its stake in Corebridge Financial by 31.4% in the 3rd quarter. Algebris UK Ltd. now owns 1,393,378 shares of the company’s stock valued at $44,624,000 after acquiring an additional 333,245 shares during the period. Machina Capital S.A.S. acquired a new stake in Corebridge Financial during the 3rd quarter valued at $1,182,000. Assenagon Asset Management S.A. increased its holdings in shares of Corebridge Financial by 928.9% in the third quarter. Assenagon Asset Management S.A. now owns 68,226 shares of the company’s stock valued at $2,187,000 after purchasing an additional 61,595 shares during the last quarter. Finally, Retirement Systems of Alabama raised its position in shares of Corebridge Financial by 77.9% in the third quarter. Retirement Systems of Alabama now owns 132,900 shares of the company’s stock valued at $4,259,000 after purchasing an additional 58,200 shares during the period. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Trading Up 0.4%

CRBG opened at $25.95 on Tuesday. The stock has a market capitalization of $12.50 billion, a price-to-earnings ratio of -48.96, a P/E/G ratio of 0.37 and a beta of 1.04. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The company has a 50-day simple moving average of $30.13 and a 200 day simple moving average of $31.20.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, February 9th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. The company had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $5.02 billion. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. During the same period in the previous year, the company earned $1.06 EPS. Analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Tuesday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio is -188.68%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Mizuho initiated coverage on shares of Corebridge Financial in a report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price target on the stock. Morgan Stanley restated an “equal weight” rating and issued a $33.00 price target (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Barclays dropped their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Tuesday, February 10th. JPMorgan Chase & Co. decreased their price target on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Monday, January 5th. Finally, Zacks Research cut shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 27th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $37.50.

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.