Wedge Capital Management L L P NC Acquires 30,182 Shares of Corebridge Financial, Inc. $CRBG

Wedge Capital Management L L P NC raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 40.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 105,371 shares of the company’s stock after purchasing an additional 30,182 shares during the period. Wedge Capital Management L L P NC’s holdings in Corebridge Financial were worth $3,377,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRBG. Bank of Nova Scotia raised its stake in Corebridge Financial by 3.8% in the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock worth $331,000 after buying an additional 340 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Corebridge Financial by 60.9% in the 2nd quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after acquiring an additional 356 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Corebridge Financial by 86.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock worth $46,000 after acquiring an additional 603 shares in the last quarter. Forum Financial Management LP lifted its stake in shares of Corebridge Financial by 4.0% during the 2nd quarter. Forum Financial Management LP now owns 16,360 shares of the company’s stock worth $581,000 after purchasing an additional 630 shares during the last quarter. Finally, 3Chopt Investment Partners LLC boosted its position in Corebridge Financial by 7.2% during the second quarter. 3Chopt Investment Partners LLC now owns 9,883 shares of the company’s stock valued at $351,000 after purchasing an additional 663 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CRBG. Wolfe Research began coverage on shares of Corebridge Financial in a report on Friday, October 10th. They issued a “peer perform” rating for the company. Mizuho began coverage on shares of Corebridge Financial in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price objective on the stock. Barclays decreased their target price on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods reduced their price target on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $33.00 price objective (down previously from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $39.27.

Corebridge Financial Price Performance

NYSE CRBG opened at $30.75 on Tuesday. The company has a market cap of $16.00 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 0.42 and a beta of 1.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. The stock’s fifty day moving average price is $30.51 and its 200 day moving average price is $32.65. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The firm had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter in the previous year, the firm posted $1.23 EPS. The firm’s revenue for the quarter was up 34.2% compared to the same quarter last year. As a group, equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.1%. The ex-dividend date is Wednesday, December 17th. Corebridge Financial’s dividend payout ratio is 57.14%.

About Corebridge Financial

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.