QRG Capital Management Inc. Boosts Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

QRG Capital Management Inc. raised its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 6.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 278,445 shares of the company’s stock after acquiring an additional 18,019 shares during the quarter. QRG Capital Management Inc.’s holdings in Corebridge Financial were worth $8,334,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Corebridge Financial during the third quarter worth approximately $27,000. Fortitude Family Office LLC acquired a new stake in Corebridge Financial during the 4th quarter worth $27,000. FNY Investment Advisers LLC purchased a new stake in shares of Corebridge Financial during the fourth quarter worth $27,000. Capital Performance Advisors LLP acquired a new stake in shares of Corebridge Financial in the third quarter valued at about $28,000. Finally, HM Payson & Co. purchased a new position in shares of Corebridge Financial in the third quarter worth about $29,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CRBG shares. Piper Sandler upped their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a report on Monday, January 6th. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. TD Cowen boosted their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, 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. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.64.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.08% of the stock is owned by company insiders.

Corebridge Financial Stock Performance

Shares of CRBG opened at $33.35 on Friday. The company has a market capitalization of $18.54 billion, a price-to-earnings ratio of 8.82, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial, Inc. has a 52-week low of $23.77 and a 52-week high of $34.66. The stock has a 50 day moving average price of $31.96 and a 200 day moving average price of $30.58.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. Research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.24 per share. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date is Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 2.88%. Corebridge Financial’s payout ratio is 25.40%.

Corebridge Financial Profile

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.