37,169 Shares in Corebridge Financial, Inc. $CRBG Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 37,169 shares of the company’s stock, valued at approximately $1,191,000.

A number of other institutional investors have also bought and sold shares of the business. Norges Bank acquired a new position in shares of Corebridge Financial during the 2nd quarter worth approximately $145,632,000. Goldman Sachs Group Inc. boosted its stake in Corebridge Financial by 229.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after buying an additional 905,918 shares during the last quarter. Bank of America Corp DE boosted its stake in Corebridge Financial by 42.8% during the second quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock worth $102,403,000 after buying an additional 864,946 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Corebridge Financial by 113.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,272,797 shares of the company’s stock valued at $45,195,000 after buying an additional 677,111 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Corebridge Financial by 723.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 623,267 shares of the company’s stock worth $22,126,000 after acquiring an additional 547,561 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Mizuho assumed coverage on Corebridge Financial in a report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price target on the stock. Barclays reduced their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 10th. JPMorgan Chase & Co. dropped their price target on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Monday, January 5th. Morgan Stanley restated an “equal weight” rating and set a $33.00 price target (down previously from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Finally, Zacks Research lowered shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 27th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Corebridge Financial has a consensus rating of “Hold” and a consensus target price of $37.60.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $27.21 on Tuesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market cap of $13.11 billion, a P/E ratio of -51.34, a P/E/G ratio of 0.39 and a beta of 1.04. The firm’s 50 day moving average price is $30.53 and its 200-day moving average price is $31.44. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, February 9th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The firm had revenue of $6.34 billion during the quarter, compared to the consensus estimate of $5.02 billion. During the same quarter last year, the firm earned $1.06 EPS. As a group, equities research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. Corebridge Financial’s payout ratio is presently -181.13%.

About Corebridge Financial

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.