Fox Run Management L.L.C. Invests $1.07 Million in Corebridge Financial, Inc. $CRBG

Fox Run Management L.L.C. purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 33,433 shares of the company’s stock, valued at approximately $1,072,000.

Several other hedge funds have also recently bought and sold shares of CRBG. Norges Bank purchased a new stake in Corebridge Financial during the second quarter worth $145,632,000. Pzena Investment Management LLC raised its stake in shares of Corebridge Financial by 19.3% during the 3rd quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock worth $715,651,000 after buying an additional 3,605,498 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Corebridge Financial by 7.2% during the 3rd 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 during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after buying an additional 905,918 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in Corebridge Financial by 42.8% in the 2nd quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock valued at $102,403,000 after acquiring an additional 864,946 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Down 0.1%

CRBG stock opened at $27.52 on Thursday. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The stock has a market capitalization of $13.25 billion, a P/E ratio of -51.91, a PEG ratio of 0.39 and a beta of 1.04. The company has a 50 day moving average price of $30.38 and a two-hundred day moving average price of $31.37. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, February 9th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.11. The business had revenue of $6.34 billion for the quarter, compared to analysts’ expectations 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 quarter last year, the firm earned $1.06 earnings per share. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s payout ratio is currently -181.13%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CRBG shares. Barclays cut their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, February 10th. Morgan Stanley restated an “equal weight” rating and set a $33.00 price objective (down from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Weiss Ratings lowered Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. Wells Fargo & Company dropped their price target on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Mizuho began coverage on Corebridge Financial in a report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price target for the company. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $37.50.

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.