60,200 Shares in Corebridge Financial, Inc. $CRBG Acquired by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 60,200 shares of the company’s stock, valued at approximately $1,816,000.

A number of other institutional investors also recently added to or reduced their stakes in CRBG. Vanguard Group Inc. lifted its position 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 purchasing an additional 1,805,819 shares during the last quarter. Machina Capital S.A.S. purchased a new position in Corebridge Financial in the third quarter valued at $1,182,000. State of Michigan Retirement System purchased a new position in Corebridge Financial in the fourth quarter valued at $2,130,000. Dimensional Fund Advisors LP raised its stake in Corebridge Financial by 6.9% in the third quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock valued at $214,372,000 after buying an additional 430,308 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Corebridge Financial by 19.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,518,492 shares of the company’s stock worth $48,712,000 after buying an additional 245,695 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 1.2%

Shares of CRBG opened at $27.40 on Wednesday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $12.51 billion, a P/E ratio of 49.82, a price-to-earnings-growth ratio of 0.30 and a beta of 1.18. The stock’s fifty day simple moving average is $25.74 and its 200 day simple moving average is $28.19. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period last year, the firm posted $1.16 EPS. On average, equities research analysts forecast that Corebridge Financial, Inc. will post 4.88 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company 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 dividend of $0.25 per share. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.6%. Corebridge Financial’s payout ratio is presently 181.82%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CRBG shares. Wells Fargo & Company upped their price objective on Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. TD Cowen cut their target price on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Mizuho increased their price objective on Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Barclays cut their price target on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a report on Wednesday, April 8th. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.17.

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.