OP Asset Management Ltd Invests $1.37 Million in Corebridge Financial, Inc. $CRBG

OP Asset Management Ltd acquired a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 57,446 shares of the company’s stock, valued at approximately $1,371,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CRBG. Norges Bank acquired a new position in Corebridge Financial in the fourth quarter valued at about $611,550,000. State Street Corp grew its position in shares of Corebridge Financial by 44.3% during the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after buying an additional 3,465,371 shares during the period. AQR Capital Management LLC grew its position in shares of Corebridge Financial by 91.5% during the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock worth $178,340,000 after buying an additional 2,823,801 shares during the period. Amundi increased its stake in shares of Corebridge Financial by 227.7% in the 4th quarter. Amundi now owns 3,551,944 shares of the company’s stock valued at $107,162,000 after acquiring an additional 2,467,981 shares during the last quarter. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Corebridge Financial in the 3rd quarter valued at approximately $69,738,000. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

NYSE CRBG opened at $28.88 on Tuesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market cap of $12.87 billion, a price-to-earnings ratio of 52.50, a PEG ratio of 0.32 and a beta of 1.14. The business has a 50 day simple moving average of $27.50 and a 200 day simple moving average of $27.94. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The company had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the previous year, the firm posted $1.16 EPS. Analysts anticipate that Corebridge Financial, Inc. will post 4.75 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.5%. Corebridge Financial’s dividend payout ratio (DPR) is currently 181.82%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRBG. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Keefe, Bruyette & Woods upped their target price on shares of Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday, May 6th. Wells Fargo & Company increased their target price on shares of Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. UBS Group reduced 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 report on Tuesday, April 28th. Finally, Weiss Ratings lowered shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $34.36.

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.