Fox Run Management L.L.C. Takes $1.07 Million Position in Corebridge Financial, Inc. $CRBG

Fox Run Management L.L.C. bought a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 33,433 shares of the company’s stock, valued at approximately $1,072,000.

A number of other institutional investors have also recently added to or reduced their stakes in CRBG. Vanguard Group Inc. raised its holdings in shares of Corebridge Financial by 7.2% in the 3rd 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 period. Pzena Investment Management LLC raised its holdings in Corebridge Financial by 19.3% in the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock valued at $715,651,000 after buying an additional 3,605,498 shares during the period. LSV Asset Management lifted its position in Corebridge Financial by 2.1% during the third quarter. LSV Asset Management now owns 4,685,535 shares of the company’s stock valued at $150,171,000 after buying an additional 98,435 shares in the last quarter. Norges Bank acquired a new stake in shares of Corebridge Financial in the second quarter worth $145,632,000. Finally, Donald Smith & CO. Inc. increased its position in shares of Corebridge Financial by 1.8% in the second quarter. Donald Smith & CO. Inc. now owns 4,083,348 shares of the company’s stock worth $144,959,000 after acquiring an additional 72,664 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

CRBG stock opened at $27.52 on Thursday. The stock’s 50 day moving average is $30.38 and its two-hundred day moving average is $31.37. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57. The company has a market capitalization of $13.25 billion, a PE ratio of -51.91, a P/E/G ratio of 0.39 and a beta of 1.04. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11.

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

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 3.6%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio (DPR) is -181.13%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CRBG. Evercore decreased their price target on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, November 5th. Zacks Research lowered Corebridge Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 27th. UBS Group reduced their price target on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Barclays dropped their price objective 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. Finally, Morgan Stanley restated an “equal weight” rating and issued a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Corebridge Financial presently has an average rating of “Hold” and a consensus target price of $37.50.

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.