Norges Bank Acquires New Position in Corebridge Financial, Inc. (NYSE:CRBG)

Norges Bank acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 9,462,475 shares of the company’s stock, valued at approximately $283,212,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRBG. Charles Schwab Investment Management Inc. lifted its position in shares of Corebridge Financial by 9.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,738,163 shares of the company’s stock valued at $50,685,000 after acquiring an additional 148,834 shares during the period. Cerity Partners LLC boosted its position in Corebridge Financial by 104.4% during the third quarter. Cerity Partners LLC now owns 21,595 shares of the company’s stock worth $630,000 after purchasing an additional 11,029 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Corebridge Financial by 3.4% during the third quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after purchasing an additional 732 shares in the last quarter. FMR LLC increased its position in shares of Corebridge Financial by 13.5% in the third quarter. FMR LLC now owns 5,030,104 shares of the company’s stock valued at $146,678,000 after buying an additional 598,373 shares in the last quarter. Finally, D.A. Davidson & CO. acquired a new position in shares of Corebridge Financial during the 3rd quarter worth $359,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and raised their target price for the company from $33.00 to $40.00 in a report on Friday, January 10th. BMO Capital Markets assumed coverage on Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price on the stock. Morgan Stanley raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $35.00 to $43.00 in a research report on Friday, February 28th. Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a research report on Monday, January 6th. Finally, Wells Fargo & Company lifted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $37.29.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $31.34 on Friday. Corebridge Financial, Inc. has a 1 year low of $23.97 and a 1 year high of $35.36. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a 50 day moving average price of $32.74 and a 200 day moving average price of $31.23. The company has a market cap of $17.42 billion, a price-to-earnings ratio of 8.29, a PEG ratio of 0.43 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. Sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. 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 3.06%. Corebridge Financial’s dividend payout ratio is currently 25.40%.

Corebridge Financial 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.