Corebridge Financial, Inc. (CRBG) To Go Ex-Dividend on June 16th

Corebridge Financial, Inc. (NYSE:CRBG) announced a quarterly dividend on Monday, May 4th. Shareholders of record on Tuesday, June 16th will be paid a dividend of 0.25 per share on Tuesday, June 30th. This represents a c) dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, June 16th.

Corebridge Financial has a payout ratio of 17.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Corebridge Financial to earn $5.76 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 17.4%.

Corebridge Financial Stock Up 2.0%

Shares of NYSE:CRBG opened at $28.78 on Friday. The stock’s 50-day moving average price is $26.64 and its two-hundred day moving average price is $28.03. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial has a 12-month low of $22.19 and a 12-month high of $36.57. The firm has a market cap of $13.14 billion, a price-to-earnings ratio of 52.32, a PEG ratio of 0.32 and a beta of 1.14.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period in the previous year, the business posted $1.16 earnings per share. On average, research analysts forecast that Corebridge Financial will post 4.81 EPS for the current year.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Corebridge Financial by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after purchasing an additional 311,133 shares in the last quarter. Pzena Investment Management LLC lifted its position in Corebridge Financial by 14.4% during the 1st quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock worth $645,313,000 after acquiring an additional 3,413,384 shares in the last quarter. Norges Bank acquired a new position in Corebridge Financial during the 4th quarter worth approximately $611,550,000. State Street Corp lifted its position in Corebridge Financial by 44.3% during the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after acquiring an additional 3,465,371 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Corebridge Financial by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock worth $211,575,000 after acquiring an additional 2,689,611 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

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.