Corebridge Financial, Inc. (NYSE:CRBG) Stake Cut by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. lessened its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 4.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,338 shares of the company’s stock after selling 991 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Corebridge Financial were worth $699,000 at the end of the most recent quarter.

Other large investors also recently 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 $27,000. Fortitude Family Office LLC purchased a new stake in shares of Corebridge Financial during the 4th quarter worth about $27,000. FNY Investment Advisers LLC acquired a new stake in shares of Corebridge Financial during the 4th quarter valued at about $27,000. Smartleaf Asset Management LLC grew its stake in shares of Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after buying an additional 480 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in Corebridge Financial by 183.2% in the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock worth $33,000 after buying an additional 729 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Down 2.8 %

Shares of CRBG opened at $31.34 on Friday. The company has a 50-day simple moving average of $32.74 and a 200-day simple moving average of $31.23. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a market capitalization of $17.42 billion, a P/E ratio of 8.29, a P/E/G ratio of 0.43 and a beta of 0.92. Corebridge Financial, Inc. has a 52 week low of $23.97 and a 52 week high of $35.36.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. On average, equities research analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.06%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Monday, March 17th. Corebridge Financial’s dividend payout ratio is currently 25.40%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price for the company. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and upped their price objective for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Wells Fargo & Company raised their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Piper Sandler upped their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Finally, Morgan Stanley raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $35.00 to $43.00 in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.29.

About Corebridge Financial

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.