Algebris UK Ltd. Has $34.27 Million Holdings in Corebridge Financial, Inc. $CRBG

Algebris UK Ltd. lessened its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 18.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,135,203 shares of the company’s stock after selling 258,175 shares during the quarter. Corebridge Financial makes up about 1.6% of Algebris UK Ltd.’s investment portfolio, making the stock its 14th largest position. Algebris UK Ltd.’s holdings in Corebridge Financial were worth $34,265,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Community Bank N.A. acquired a new stake in shares of Corebridge Financial during the 3rd quarter worth approximately $26,000. Smartleaf Asset Management LLC grew its holdings in shares of Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares in the last quarter. Salomon & Ludwin LLC grew its stake in shares of Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after purchasing an additional 532 shares during the period. Root Financial Partners LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at approximately $32,000. Finally, True Wealth Design LLC grew its stake in shares of Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after purchasing an additional 412 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. UBS Group lowered their price objective on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 28th. Zacks Research lowered Corebridge Financial from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. lowered their price objective on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 12th. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Wells Fargo & Company upped their price objective on Corebridge Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.92.

Corebridge Financial Stock Up 3.1%

Shares of CRBG opened at $27.54 on Thursday. The company has a market capitalization of $12.58 billion, a P/E ratio of 50.07, a PEG ratio of 0.29 and a beta of 1.18. 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, Inc. has a one year low of $22.19 and a one year high of $36.57. The business’s 50 day simple moving average is $25.42 and its 200-day simple moving average is $28.29.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same period in the previous year, the firm earned $1.16 earnings per share. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 4.9 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

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.