Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Alaska Permanent Fund Corp

Alaska Permanent Fund Corp lessened its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 136,671 shares of the company’s stock after selling 3,229 shares during the quarter. Alaska Permanent Fund Corp’s holdings in Corebridge Financial were worth $2,960,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Mariner LLC lifted its stake in shares of Corebridge Financial by 4.3% during the third quarter. Mariner LLC now owns 33,647 shares of the company’s stock worth $665,000 after purchasing an additional 1,388 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new position in shares of Corebridge Financial during the third quarter worth about $28,000. Cullen Frost Bankers Inc. acquired a new position in shares of Corebridge Financial during the third quarter worth about $55,000. Raymond James & Associates lifted its stake in shares of Corebridge Financial by 11.7% during the third quarter. Raymond James & Associates now owns 37,003 shares of the company’s stock worth $731,000 after purchasing an additional 3,886 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in shares of Corebridge Financial by 12.5% during the third quarter. Daiwa Securities Group Inc. now owns 37,800 shares of the company’s stock worth $747,000 after purchasing an additional 4,200 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analysts Set New Price Targets

CRBG has been the topic of a number of recent research reports. Keefe, Bruyette & Woods boosted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. The Goldman Sachs Group boosted their price target on Corebridge Financial from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Tuesday, January 9th. Piper Sandler boosted their price target on Corebridge Financial from $30.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Evercore ISI boosted their price target on Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, April 11th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 price target on shares of Corebridge Financial in a research note on Friday, April 12th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $29.08.

Corebridge Financial Stock Down 0.6 %

Corebridge Financial stock traded down $0.17 during midday trading on Wednesday, hitting $27.16. The stock had a trading volume of 3,260,412 shares, compared to its average volume of 4,236,776. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92. The stock has a market cap of $16.91 billion, a P/E ratio of 16.17, a P/E/G ratio of 0.32 and a beta of 0.86. Corebridge Financial, Inc. has a 12 month low of $14.91 and a 12 month high of $29.40. The business has a fifty day moving average price of $26.28 and a 200 day moving average price of $23.36.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Thursday, February 15th. The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.05. The firm had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.65 billion. Corebridge Financial had a return on equity of 23.11% and a net margin of 5.92%. Corebridge Financial’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.88 earnings per share. Research analysts predict that Corebridge Financial, Inc. will post 4.82 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.39%. The ex-dividend date was Thursday, March 14th. Corebridge Financial’s dividend payout ratio (DPR) is presently 54.44%.

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.