Corebridge Financial, Inc. (NYSE:CRBG) is American International Group Inc.’s Largest Position

American International Group Inc. cut its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 54.4% during the fourth quarter, HoldingsChannel reports. The firm owned 127,282,642 shares of the company’s stock after selling 151,956,256 shares during the period. Corebridge Financial accounts for about 92.0% of American International Group Inc.’s holdings, making the stock its largest position. American International Group Inc. owned about 0.22% of Corebridge Financial worth $3,809,569,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in CRBG. Point72 Asia Singapore Pte. Ltd. bought a new stake in Corebridge Financial during the 3rd quarter valued at $27,000. Fortitude Family Office LLC purchased a new position in shares of Corebridge Financial during the fourth quarter valued at $27,000. FNY Investment Advisers LLC bought a new stake in shares of Corebridge Financial in the fourth quarter valued at about $27,000. Smartleaf Asset Management LLC lifted its stake in Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after acquiring an additional 480 shares during the period. Finally, Blue Trust Inc. lifted its stake in Corebridge Financial by 183.2% in the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock worth $33,000 after acquiring an additional 729 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Piper Sandler lifted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Morgan Stanley upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $35.00 to $43.00 in a report on Friday, February 28th. TD Cowen increased 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. Finally, Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price target for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $37.29.

Corebridge Financial Stock Up 1.9 %

Shares of CRBG stock opened at $33.00 on Tuesday. The stock’s fifty day moving average price is $32.63 and its 200 day moving average price is $31.10. Corebridge Financial, Inc. has a 1-year low of $23.97 and a 1-year high of $35.36. The company has a market cap of $18.35 billion, a price-to-earnings ratio of 8.73, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13.

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

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date is Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a yield of 2.91%. Corebridge Financial’s dividend payout ratio is presently 25.40%.

About Corebridge Financial

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.