California Public Employees Retirement System Trims Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

California Public Employees Retirement System lessened its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 0.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 472,692 shares of the company’s stock after selling 2,614 shares during the quarter. California Public Employees Retirement System’s holdings in Corebridge Financial were worth $14,148,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Corebridge Financial during the 3rd quarter worth approximately $27,000. Fortitude Family Office LLC acquired a new position in Corebridge Financial during the fourth quarter worth $27,000. FNY Investment Advisers LLC purchased a new position in shares of Corebridge Financial during the fourth quarter worth $27,000. Smartleaf Asset Management LLC grew its stake in shares of Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after buying an additional 480 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Corebridge Financial by 183.2% in the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock valued at $33,000 after buying an additional 729 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on CRBG shares. UBS Group cut Corebridge Financial from a “buy” rating to a “sell” rating and lowered their target price for the company from $40.00 to $28.00 in a report on Wednesday. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price objective for the company. Morgan Stanley raised shares of 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 research note on Friday, February 28th. Wells Fargo & Company raised their price target 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. Finally, Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Corebridge Financial Stock Performance

Shares of CRBG opened at $25.62 on Friday. The company has a market capitalization of $14.25 billion, a price-to-earnings ratio of 6.78, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98. Corebridge Financial, Inc. has a 52-week low of $23.97 and a 52-week high of $35.36. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average price of $32.48 and a 200 day moving average price of $31.32.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (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%. Research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued 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 was Monday, March 17th. This represents a $0.96 annualized dividend and a dividend yield of 3.75%. Corebridge Financial’s dividend payout ratio (DPR) is presently 25.40%.

Corebridge Financial Company 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.