Hillsdale Investment Management Inc. Takes $827,000 Position in Corebridge Financial, Inc. $CRBG

Hillsdale Investment Management Inc. bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 25,800 shares of the company’s stock, valued at approximately $827,000.

Several other institutional investors have also modified their holdings of the business. Pzena Investment Management LLC grew its stake in Corebridge Financial by 19.3% during the 3rd quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock valued at $715,651,000 after purchasing an additional 3,605,498 shares in the last quarter. CenterBook Partners LP boosted its stake in shares of Corebridge Financial by 155.7% during the 3rd quarter. CenterBook Partners LP now owns 53,165 shares of the company’s stock valued at $1,704,000 after buying an additional 32,377 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Corebridge Financial by 7.2% during the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock worth $859,963,000 after buying an additional 1,805,819 shares in the last quarter. State of New Jersey Common Pension Fund D grew its position in shares of Corebridge Financial by 1.2% during the third quarter. State of New Jersey Common Pension Fund D now owns 77,016 shares of the company’s stock worth $2,468,000 after buying an additional 898 shares in the last quarter. Finally, Shell Asset Management Co. increased its stake in shares of Corebridge Financial by 174.0% in the third quarter. Shell Asset Management Co. now owns 24,224 shares of the company’s stock worth $776,000 after buying an additional 15,382 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of research analyst reports. Evercore reduced their price objective on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 5th. Barclays reduced their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 10th. Mizuho started coverage on Corebridge Financial in a report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price objective for the company. JPMorgan Chase & Co. cut their price objective on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Monday, January 5th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $33.00 target price (down previously from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $37.60.

Corebridge Financial Stock Down 8.3%

Shares of Corebridge Financial stock opened at $27.21 on Tuesday. The stock has a market capitalization of $13.11 billion, a price-to-earnings ratio of -51.34, a PEG ratio of 0.39 and a beta of 1.04. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve 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. The business’s 50 day simple moving average is $30.53 and its 200-day simple moving average is $31.44.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, February 9th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.11. The firm had revenue of $6.34 billion for 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 period last year, the company earned $1.06 earnings per share. Equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a $0.25 dividend. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. 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.