Commonwealth of Pennsylvania Public School Empls Retrmt SYS Buys New Stake in Corebridge Financial, Inc. $CRBG

Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 66,900 shares of the company’s stock, valued at approximately $2,018,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank purchased a new position in shares of Corebridge Financial during the fourth quarter worth $611,550,000. Pzena Investment Management LLC raised its holdings in shares of Corebridge Financial by 19.3% during the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock worth $715,651,000 after purchasing an additional 3,605,498 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Corebridge Financial during the third quarter worth $69,738,000. Vanguard Group Inc. raised its holdings in shares of Corebridge Financial by 7.2% during the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock worth $859,963,000 after purchasing an additional 1,805,819 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Corebridge Financial by 16,388.6% during the third quarter. Marshall Wace LLP now owns 1,525,031 shares of the company’s stock worth $48,877,000 after purchasing an additional 1,515,782 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

CRBG has been the subject of several recent research reports. Barclays reduced their target price on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a report on Wednesday, April 8th. Piper Sandler reduced their target price on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a report on Tuesday, May 26th. Keefe, Bruyette & Woods raised their target price on shares of Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, May 6th. UBS Group reduced their target price on shares of Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday, April 28th. Finally, Wells Fargo & Company raised their price target on shares of Corebridge Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and a consensus target price of $35.17.

Corebridge Financial Stock Up 1.8%

CRBG stock opened at $26.90 on Friday. The firm has a market cap of $12.29 billion, a PE ratio of 48.92, a P/E/G ratio of 0.29 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. The firm’s fifty day moving average is $26.21 and its 200 day moving average is $28.03. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter last year, the business earned $1.16 EPS. On average, research analysts forecast that Corebridge Financial, Inc. will post 4.89 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a $0.25 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.7%. Corebridge Financial’s dividend payout ratio (DPR) is 181.82%.

Corebridge Financial Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.