LSV Asset Management Raises Stake in Corebridge Financial, Inc. $CRBG

LSV Asset Management raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 2.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,685,535 shares of the company’s stock after acquiring an additional 98,435 shares during the period. LSV Asset Management owned about 0.87% of Corebridge Financial worth $150,171,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Rhumbline Advisers boosted its position in Corebridge Financial by 7.6% during the third quarter. Rhumbline Advisers now owns 294,714 shares of the company’s stock valued at $9,446,000 after buying an additional 20,853 shares during the period. MQS Management LLC purchased a new position in shares of Corebridge Financial in the third quarter worth about $250,000. Versor Investments LP bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at about $288,000. Smartleaf Asset Management LLC boosted its holdings in Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after acquiring an additional 377 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S grew its position in Corebridge Financial by 12.0% during the 3rd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 10,831 shares of the company’s stock worth $347,000 after acquiring an additional 1,158 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CRBG shares. Zacks Research downgraded Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 27th. Mizuho assumed coverage on shares of Corebridge Financial in a report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price target for the company. UBS Group dropped their price target on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Morgan Stanley reissued an “equal weight” rating and issued a $33.00 price target (down previously from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Monday, January 5th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $37.60.

Corebridge Financial Stock Down 0.9%

Shares of NYSE:CRBG opened at $31.16 on Thursday. The firm has a market capitalization of $16.22 billion, a P/E ratio of -58.79, a P/E/G ratio of 0.44 and a beta of 1.04. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.13 and a current ratio of 0.12. The stock has a 50 day moving average price of $30.66 and a 200-day moving average price of $31.72. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, February 9th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. The business had revenue of $6.34 billion during the quarter, compared to analyst estimates of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same quarter last year, the firm posted $1.06 earnings per share. As a group, equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 3.2%. Corebridge Financial’s dividend payout ratio (DPR) 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.