Allianz Asset Management GmbH Purchases 19,855 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Allianz Asset Management GmbH increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 2.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 926,254 shares of the company’s stock after buying an additional 19,855 shares during the period. Allianz Asset Management GmbH’s holdings in Corebridge Financial were worth $27,723,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Nippon Life Insurance Co. bought a new position in Corebridge Financial during the fourth quarter worth $3,650,151,000. Massachusetts Financial Services Co. MA increased its stake in Corebridge Financial by 2.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock valued at $305,709,000 after purchasing an additional 284,781 shares in the last quarter. State Street Corp increased its stake in Corebridge Financial by 11.7% in the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after purchasing an additional 843,559 shares in the last quarter. FMR LLC increased its position in shares of Corebridge Financial by 13.5% during the third quarter. FMR LLC now owns 5,030,104 shares of the company’s stock worth $146,678,000 after acquiring an additional 598,373 shares in the last quarter. Finally, Donald Smith & CO. Inc. increased its position in shares of Corebridge Financial by 12.7% during the third quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company’s stock worth $126,411,000 after acquiring an additional 489,545 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the sale, the insider now directly owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.08% of the stock is currently owned by corporate insiders.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $32.72 on Monday. The company’s fifty day moving average price is $31.70 and its 200-day moving average price is $30.46. The firm has a market capitalization of $18.19 billion, a price-to-earnings ratio of 8.65, a PEG ratio of 0.43 and a beta of 0.94. Corebridge Financial, Inc. has a one year low of $23.77 and a one year high of $34.66. 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 announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. On average, equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 2.93%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio is presently 24.34%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Morgan Stanley boosted their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. TD Cowen boosted their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a research report on Monday, January 6th. Finally, Wells Fargo & Company boosted 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. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.64.

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.