Pictet Asset Management Holding SA Has $2.67 Million Holdings in Corebridge Financial, Inc. $CRBG

Pictet Asset Management Holding SA lowered its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 34.9% in the first quarter, HoldingsChannel.com reports. The firm owned 112,104 shares of the company’s stock after selling 60,195 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Corebridge Financial were worth $2,673,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Community Bank N.A. bought a new position in Corebridge Financial in the 3rd quarter valued at about $26,000. Salomon & Ludwin LLC increased its stake in Corebridge Financial by 179.7% in the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after acquiring an additional 532 shares during the last quarter. Rothschild Investment LLC increased its stake in Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after acquiring an additional 520 shares during the last quarter. True Wealth Design LLC lifted 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 last quarter. Finally, Clearstead Advisors LLC lifted its stake in Corebridge Financial by 143.7% during the fourth quarter. Clearstead Advisors LLC now owns 1,667 shares of the company’s stock worth $50,000 after purchasing an additional 983 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on CRBG. Barclays lowered 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. TD Cowen lowered their target price on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Bank of America lowered their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Finally, Wells Fargo & Company raised their target price on shares of Corebridge Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.36.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $29.74 on Monday. The firm has a market cap of $13.26 billion, a P/E ratio of 54.07, a P/E/G ratio of 0.33 and a beta of 1.10. The stock’s 50 day moving average is $27.71 and its 200 day moving average is $27.87. 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.

Corebridge Financial (NYSE:CRBG) last issued 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 return on equity of 18.44% and a net margin of 1.20%.The business had revenue of $4.08 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the business posted $1.16 earnings per share. As a group, research analysts expect that Corebridge Financial, Inc. will post 4.75 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Tuesday, June 16th. Corebridge Financial’s payout ratio is presently 181.82%.

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.