Interval Partners LP Reduces Stake in Corebridge Financial, Inc. $CRBG

Interval Partners LP reduced its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 13.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 389,957 shares of the company’s stock after selling 60,928 shares during the period. Interval Partners LP’s holdings in Corebridge Financial were worth $12,498,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of CRBG. Norges Bank purchased a new position in shares of Corebridge Financial in the 2nd quarter worth approximately $145,632,000. Pzena Investment Management LLC increased its position in shares of Corebridge Financial by 19.3% during the 3rd quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock valued at $715,651,000 after purchasing an additional 3,605,498 shares during the last quarter. Vanguard Group Inc. raised its holdings in Corebridge Financial by 7.2% during the 3rd 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. Marshall Wace LLP lifted its position in Corebridge Financial by 16,388.6% in the third quarter. Marshall Wace LLP now owns 1,525,031 shares of the company’s stock worth $48,877,000 after buying an additional 1,515,782 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after buying an additional 905,918 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on CRBG shares. JPMorgan Chase & Co. cut their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research report on Monday, January 5th. Barclays lowered their target price on shares of Corebridge Financial from $34.00 to $33.00 and set an “overweight” rating for the company in a report on Wednesday. Morgan Stanley cut their price target on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 3rd. UBS Group reduced their price objective on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Finally, Weiss Ratings downgraded shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $37.09.

Corebridge Financial Stock Up 2.8%

NYSE:CRBG opened at $23.48 on Friday. The company has a market cap of $11.31 billion, a price-to-earnings ratio of -44.29, a price-to-earnings-growth ratio of 0.35 and a beta of 1.11. Corebridge Financial, Inc. has a twelve month low of $22.32 and a twelve month high of $36.57. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $29.11 and a 200-day simple moving average of $30.65.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. The firm had revenue of $6.34 billion for 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 prior year, the business posted $1.06 earnings per share. Analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a $0.25 dividend. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 4.3%. Corebridge Financial’s dividend payout ratio is presently -181.13%.

Corebridge Financial Company 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.