BI Asset Management Fondsmaeglerselskab A S Purchases 44,159 Shares of Corebridge Financial, Inc. $CRBG

BI Asset Management Fondsmaeglerselskab A S raised its position in Corebridge Financial, Inc. (NYSE:CRBG) by 593.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,606 shares of the company’s stock after purchasing an additional 44,159 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Corebridge Financial were worth $1,231,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Community Bank N.A. purchased a new position in shares of Corebridge Financial during the third quarter valued at approximately $26,000. Salomon & Ludwin LLC raised its holdings in shares of Corebridge Financial by 179.7% in the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after buying an additional 532 shares during the period. Rothschild Investment LLC lifted its stake in shares of Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares during the last quarter. True Wealth Design LLC lifted its stake in shares of Corebridge Financial by 50.2% during the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after acquiring an additional 412 shares during the last quarter. Finally, Assetmark Inc. boosted its holdings in Corebridge Financial by 47.7% during the 3rd quarter. Assetmark Inc. now owns 1,390 shares of the company’s stock valued at $45,000 after acquiring an additional 449 shares during the period. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 3.3%

Shares of NYSE CRBG opened at $27.96 on Thursday. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.57. The business has a fifty day moving average price of $27.38 and a 200 day moving average price of $27.98. The stock has a market capitalization of $12.77 billion, a P/E ratio of 50.84, a price-to-earnings-growth ratio of 0.32 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The firm had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same quarter in the prior year, the firm posted $1.16 earnings per share. Equities research analysts expect that Corebridge Financial, Inc. will post 4.75 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, June 16th. Corebridge Financial’s payout ratio is currently 181.82%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Bank of America cut their price objective on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Piper Sandler lowered their target price on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a research note on Tuesday, May 26th. TD Cowen cut their price target on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings lowered shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.17.

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.