Corebridge Financial, Inc. $CRBG Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC lifted its position in Corebridge Financial, Inc. (NYSE:CRBG) by 10.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 5,139,404 shares of the company’s stock after acquiring an additional 490,003 shares during the period. Geode Capital Management LLC’s holdings in Corebridge Financial were worth $154,607,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Community Bank N.A. acquired a new position in shares of Corebridge Financial in the 3rd quarter valued at $26,000. Salomon & Ludwin LLC increased its position in shares of Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after acquiring an additional 532 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Corebridge Financial by 83.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after acquiring an additional 377 shares during the period. True Wealth Design LLC increased its position in shares of Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after acquiring an additional 412 shares during the period. Finally, Assetmark Inc. increased its position in shares of Corebridge Financial by 47.7% in the 3rd quarter. Assetmark Inc. now owns 1,390 shares of the company’s stock valued at $45,000 after acquiring an additional 449 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

NYSE:CRBG opened at $25.93 on Thursday. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $11.84 billion, a PE ratio of 47.14, a price-to-earnings-growth ratio of 0.29 and a beta of 1.14. The stock’s 50-day moving average price is $26.10 and its 200-day moving average price is $28.05.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter last year, the business earned $1.16 earnings per share. As a group, equities analysts expect that Corebridge Financial, Inc. will post 4.89 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.9%. Corebridge Financial’s dividend payout ratio (DPR) is 181.82%.

Wall Street Analysts Forecast Growth

CRBG has been the topic of several research reports. UBS Group cut their target price on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 28th. JPMorgan Chase & Co. cut their price target on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 12th. Weiss Ratings downgraded Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Bank of America cut their price target on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Finally, Keefe, Bruyette & Woods increased their price target on Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and an average target price 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.