Comerica Bank Increases Position in Corebridge Financial, Inc. $CRBG

Comerica Bank lifted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 33.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 193,103 shares of the company’s stock after buying an additional 48,832 shares during the period. Comerica Bank’s holdings in Corebridge Financial were worth $5,826,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CRBG. 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 lifted its stake in shares of Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after buying an additional 532 shares during the period. Smartleaf Asset Management LLC raised its stake in Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares during the period. Root Financial Partners LLC purchased a new position in Corebridge Financial during the third quarter worth approximately $32,000. Finally, True Wealth Design LLC raised its stake in Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after purchasing an additional 412 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $27.57 on Friday. The company’s fifty day simple moving average is $25.28 and its 200-day simple moving average is $28.72. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week 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 company has a market cap of $13.28 billion, a PE ratio of -52.01, a P/E/G ratio of 0.38 and a beta of 1.12.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, beating 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 the consensus estimate of $5.02 billion. During the same quarter last year, the firm posted $1.06 EPS. As a group, equities research analysts anticipate that Corebridge Financial, Inc. will post 4.95 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio (DPR) is -188.68%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CRBG shares. UBS Group cut their price target on shares of Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating on the stock in a research note on Tuesday. Piper Sandler raised shares of Corebridge Financial to a “strong-buy” rating in a research note on Thursday, April 2nd. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Morgan Stanley cut their price target on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 3rd. Finally, Keefe, Bruyette & Woods cut their target price on shares of Corebridge Financial from $32.00 to $31.00 and set an “outperform” rating on the stock in a research note on Friday, April 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.00.

Corebridge Financial 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.