Louisiana State Employees Retirement System Invests $1.77 Million in Corebridge Financial, Inc. $CRBG

Louisiana State Employees Retirement System acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the first quarter, Holdings Channel reports. The fund acquired 74,000 shares of the company’s stock, valued at approximately $1,766,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank acquired a new position in Corebridge Financial in the fourth quarter worth about $611,550,000. State Street Corp lifted its holdings 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 buying an additional 3,465,371 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Corebridge Financial by 91.5% in the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock worth $178,340,000 after acquiring an additional 2,823,801 shares in the last quarter. Amundi grew its position in shares of Corebridge Financial by 227.7% in the 4th quarter. Amundi now owns 3,551,944 shares of the company’s stock worth $107,162,000 after acquiring an additional 2,467,981 shares in the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at approximately $69,738,000. Institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Weiss Ratings cut Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. JPMorgan Chase & Co. lowered their target price on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. Barclays dropped their target price on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating on the stock in a report on Wednesday, April 8th. UBS Group decreased their price target on shares of Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday, April 28th. Finally, Piper Sandler lowered their price objective on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a research report on Tuesday, May 26th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $34.36.

Corebridge Financial Stock Performance

CRBG opened at $28.61 on Wednesday. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.57. The stock has a market cap of $12.75 billion, a PE ratio of 52.01, a price-to-earnings-growth ratio of 0.32 and a beta of 1.14. The business’s 50 day moving average is $27.54 and its 200-day moving average is $27.93. 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 (NYSE:CRBG) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the previous year, the firm earned $1.16 EPS. On average, analysts predict that Corebridge Financial, Inc. will post 4.75 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 annualized dividend and a yield of 3.5%. Corebridge Financial’s dividend payout ratio is presently 181.82%.

Corebridge Financial Company Profile

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.