Corebridge Financial, Inc. (NYSE:CRBG) Shares Purchased by Artisan Partners Limited Partnership

Artisan Partners Limited Partnership grew its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 0.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 2,018,019 shares of the company’s stock after buying an additional 1,038 shares during the quarter. Artisan Partners Limited Partnership’s holdings in Corebridge Financial were worth $60,399,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Public Employees Retirement System of Ohio lifted its holdings in shares of Corebridge Financial by 11.3% during the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock valued at $4,871,000 after purchasing an additional 16,970 shares during the last quarter. Virtu Financial LLC acquired a new stake in Corebridge Financial during the 3rd quarter worth about $581,000. New York Life Investment Management LLC purchased a new stake in Corebridge Financial during the fourth quarter valued at about $781,000. State Street Corp boosted its holdings in shares of Corebridge Financial by 11.7% in the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after buying an additional 843,559 shares during the period. Finally, First Hawaiian Bank purchased a new position in shares of Corebridge Financial in the fourth quarter worth approximately $1,168,000. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Price Performance

Shares of CRBG opened at $32.21 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a market cap of $17.91 billion, a PE ratio of 8.52, a PEG ratio of 0.43 and a beta of 0.92. The firm’s 50 day moving average price is $32.75 and its 200 day moving average price is $31.17. Corebridge Financial, Inc. has a twelve month low of $23.97 and a twelve month high of $35.36.

Corebridge Financial (NYSE:CRBG) last released 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 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 EPS 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 given a $0.24 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.98%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is currently 25.40%.

Analyst Upgrades and Downgrades

CRBG has been the subject of several research analyst reports. Morgan Stanley upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $35.00 to $43.00 in a research report on Friday, February 28th. BMO Capital Markets initiated coverage on Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price for the company. Wells Fargo & Company raised their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and upped their price target for the company from $33.00 to $40.00 in a research report on Friday, January 10th. Finally, Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a research report on Monday, January 6th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price 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.