GSA Capital Partners LLP Takes $1.86 Million Position in Corebridge Financial, Inc. $CRBG

GSA Capital Partners LLP purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 61,643 shares of the company’s stock, valued at approximately $1,860,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. ProShare Advisors LLC acquired a new position in shares of Corebridge Financial during the 4th quarter valued at about $543,000. North Dakota State Investment Board acquired a new position in shares of Corebridge Financial during the 4th quarter valued at about $289,000. AlphaCore Capital LLC acquired a new position in shares of Corebridge Financial during the 4th quarter valued at about $93,000. DNB Asset Management AS boosted its position in shares of Corebridge Financial by 178.5% during the 4th quarter. DNB Asset Management AS now owns 145,698 shares of the company’s stock valued at $4,396,000 after acquiring an additional 93,377 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC acquired a new position in shares of Corebridge Financial during the 4th quarter valued at about $1,805,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

CRBG has been the topic of several recent research reports. Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a research report on Wednesday, May 6th. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Zacks Research cut shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Monday, May 4th. Bank of America lowered their target price on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Finally, Wells Fargo & Company increased their target price on shares of Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $35.92.

Corebridge Financial Trading Down 3.1%

Shares of CRBG stock opened at $26.71 on Wednesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a market cap of $12.20 billion, a PE ratio of 48.57, a price-to-earnings-growth ratio of 0.30 and a beta of 1.18. The company has a 50-day moving average of $25.37 and a two-hundred day moving average of $28.32. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.02). The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same period last year, the business earned $1.16 EPS. On average, analysts predict that Corebridge Financial, Inc. will post 4.9 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is 181.82%.

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.