Interval Partners LP Cuts Stock Position in Corebridge Financial, Inc. $CRBG

Interval Partners LP cut its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 13.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 389,957 shares of the company’s stock after selling 60,928 shares during the quarter. Interval Partners LP owned approximately 0.07% of Corebridge Financial worth $12,498,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Corebridge Financial by 7.2% in the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock worth $859,963,000 after acquiring an additional 1,805,819 shares during the period. Pzena Investment Management LLC boosted its stake in Corebridge Financial by 19.3% in the 3rd 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 period. Dimensional Fund Advisors LP boosted its stake in Corebridge Financial by 6.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock worth $214,372,000 after purchasing an additional 430,308 shares during the period. LSV Asset Management grew its holdings in Corebridge Financial by 2.1% during the 3rd 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. Finally, Norges Bank bought a new stake in shares of Corebridge Financial during the second quarter valued at approximately $145,632,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Stock Up 2.8%

NYSE CRBG opened at $23.48 on Friday. The stock has a 50 day moving average price of $29.11 and a 200-day moving average price of $30.65. Corebridge Financial, Inc. has a one year low of $22.32 and a one year high of $36.57. 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 company has a market capitalization of $11.31 billion, a P/E ratio of -44.29, a P/E/G ratio of 0.35 and a beta of 1.11.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.11. The company had revenue of $6.34 billion for the quarter, compared to analysts’ expectations of $5.02 billion. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. During the same quarter in the previous year, the business posted $1.06 earnings per share. As a group, equities analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Tuesday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio is -181.13%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CRBG shares. Mizuho initiated coverage on shares of Corebridge Financial in a report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 target price on the stock. Barclays cut their target price on shares of Corebridge Financial from $34.00 to $33.00 and set an “overweight” rating for the company in a research note on Wednesday. UBS Group decreased their price target on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. Weiss Ratings downgraded shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. Finally, TD Cowen cut their price objective on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average target price of $37.09.

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.