EverSource Wealth Advisors LLC Grows Stake in Corebridge Financial, Inc. (NYSE:CRBG)

EverSource Wealth Advisors LLC grew its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 25.1% during the fourth quarter, HoldingsChannel reports. The fund owned 1,642 shares of the company’s stock after purchasing an additional 329 shares during the period. EverSource Wealth Advisors LLC’s holdings in Corebridge Financial were worth $49,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Pzena Investment Management LLC increased its holdings in shares of Corebridge Financial by 222.9% in the 4th quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company’s stock valued at $138,829,000 after acquiring an additional 3,202,145 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Corebridge Financial by 34.5% in the 4th quarter. Daiwa Securities Group Inc. now owns 73,300 shares of the company’s stock valued at $2,194,000 after acquiring an additional 18,800 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Corebridge Financial by 15.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 64,651 shares of the company’s stock valued at $1,935,000 after acquiring an additional 8,815 shares during the last quarter. Amundi increased its holdings in shares of Corebridge Financial by 268.4% in the 4th quarter. Amundi now owns 503,010 shares of the company’s stock valued at $15,769,000 after acquiring an additional 366,480 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Corebridge Financial by 70.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,322 shares of the company’s stock valued at $129,000 after acquiring an additional 1,787 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Up 1.3 %

Corebridge Financial stock opened at $32.58 on Thursday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average of $32.50 and a two-hundred day moving average of $31.00. The stock has a market capitalization of $18.11 billion, a price-to-earnings ratio of 8.62, a PEG ratio of 0.43 and a beta of 0.92. Corebridge Financial, Inc. has a twelve month low of $23.97 and a twelve month high of $35.36.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. As a group, research analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.24 dividend. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend is Monday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently 25.40%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CRBG. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Piper Sandler upped their target price on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. TD Cowen upped their target price on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a research report on Monday, January 6th. Finally, Morgan Stanley raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $35.00 to $43.00 in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target of $37.29.

Corebridge Financial Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.