Rhumbline Advisers Raises Stake in Corebridge Financial, Inc. $CRBG

Rhumbline Advisers boosted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 7.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 294,714 shares of the company’s stock after buying an additional 20,853 shares during the quarter. Rhumbline Advisers’ holdings in Corebridge Financial were worth $9,446,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CRBG. Bank of Nova Scotia grew its position in shares of Corebridge Financial by 3.8% during the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after acquiring an additional 340 shares during the period. Assetmark Inc. lifted its stake in Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after purchasing an additional 356 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after purchasing an additional 377 shares during the period. Nisa Investment Advisors LLC increased its position in Corebridge Financial by 32.2% in the third quarter. Nisa Investment Advisors LLC now owns 1,723 shares of the company’s stock worth $55,000 after buying an additional 420 shares during the last quarter. Finally, Brighton Jones LLC increased its position in Corebridge Financial by 4.7% in the third quarter. Brighton Jones LLC now owns 9,632 shares of the company’s stock worth $309,000 after buying an additional 435 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of recent research reports. JPMorgan Chase & Co. dropped their price target on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research report on Monday, January 5th. Wells Fargo & Company dropped their price objective on shares of Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Weiss Ratings lowered shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Zacks Research lowered shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 27th. Finally, Barclays cut their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Tuesday, February 10th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Corebridge Financial has a consensus rating of “Hold” and a consensus price target of $37.60.

Corebridge Financial Price Performance

CRBG stock opened at $29.62 on Friday. The firm has a 50 day moving average of $30.63 and a 200-day moving average of $31.52. The firm has a market capitalization of $14.27 billion, a P/E ratio of -55.88, a price-to-earnings-growth ratio of 0.40 and a beta of 1.04. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, February 9th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The business had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same quarter in the prior year, the firm posted $1.06 EPS. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a dividend of $0.25 per share. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, March 17th. Corebridge Financial’s dividend payout ratio is -181.13%.

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.