Los Angeles Capital Management LLC Buys 70,553 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Los Angeles Capital Management LLC raised its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 186.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 108,375 shares of the company’s stock after buying an additional 70,553 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Corebridge Financial were worth $3,244,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CRBG. Fortitude Family Office LLC bought a new position in shares of Corebridge Financial in the fourth quarter worth $27,000. FNY Investment Advisers LLC purchased a new position in Corebridge Financial during the fourth quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Corebridge Financial in the 3rd quarter worth about $27,000. Capital Performance Advisors LLP purchased a new stake in shares of Corebridge Financial in the 3rd quarter valued at about $28,000. Finally, HM Payson & Co. bought a new stake in shares of Corebridge Financial during the 3rd quarter valued at about $29,000. 98.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the sale, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

CRBG has been the topic of several research analyst reports. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. TD Cowen increased their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Piper Sandler lifted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a research note on Monday, January 6th. Finally, Morgan Stanley raised their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $36.64.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $33.35 on Friday. The stock has a market capitalization of $18.54 billion, a P/E ratio of 8.82, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94. Corebridge Financial, Inc. has a one year low of $23.77 and a one year high of $34.66. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The business’s 50 day simple moving average is $31.96 and its two-hundred day simple moving average is $30.58.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 EPS 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%. Analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 2.88%. Corebridge Financial’s dividend payout ratio (DPR) is 25.40%.

Corebridge Financial Company 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.