Skba Capital Management LLC Trims Position in Corebridge Financial, Inc. (NYSE:CRBG)

Skba Capital Management LLC lowered its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 16.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 515,040 shares of the company’s stock after selling 103,500 shares during the period. Corebridge Financial makes up 2.4% of Skba Capital Management LLC’s holdings, making the stock its 9th biggest holding. Skba Capital Management LLC’s holdings in Corebridge Financial were worth $15,415,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its holdings in Corebridge Financial by 9.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,738,163 shares of the company’s stock valued at $50,685,000 after buying an additional 148,834 shares during the last quarter. Cerity Partners LLC lifted its holdings in Corebridge Financial by 104.4% during the 3rd quarter. Cerity Partners LLC now owns 21,595 shares of the company’s stock worth $630,000 after buying an additional 11,029 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Corebridge Financial by 3.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after acquiring an additional 732 shares in the last quarter. FMR LLC increased its holdings in shares of Corebridge Financial by 13.5% in the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company’s stock valued at $146,678,000 after acquiring an additional 598,373 shares during the last quarter. Finally, D.A. Davidson & CO. acquired a new stake in shares of Corebridge Financial during the 3rd quarter valued at approximately $359,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

CRBG stock opened at $31.34 on Monday. The company has a 50-day simple moving average of $32.74 and a 200 day simple moving average of $31.26. The company has a market capitalization of $17.42 billion, a P/E ratio of 8.29, a PEG ratio of 0.43 and a beta of 0.92. 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 fifty-two week low of $23.97 and a fifty-two week high of $35.36.

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

Corebridge Financial Increases Dividend

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

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price objective for the company. Piper Sandler lifted their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Morgan Stanley upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $35.00 to $43.00 in a research note on Friday, February 28th. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a report on Monday, January 6th. Finally, Wells Fargo & Company raised their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.