ExodusPoint Capital Management LP Buys New Stake in Corebridge Financial, Inc. (NYSE:CRBG)

ExodusPoint Capital Management LP purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the 4th quarter, Holdings Channel.com reports. The firm purchased 126,065 shares of the company’s stock, valued at approximately $3,773,000.

A number of other hedge funds also recently bought and sold shares of CRBG. Nippon Life Insurance Co. bought a new stake in shares of Corebridge Financial in the 4th quarter worth about $3,650,151,000. Vanguard Group Inc. increased its stake in Corebridge Financial by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company’s stock worth $716,083,000 after acquiring an additional 711,857 shares during the last quarter. Norges Bank bought a new stake in Corebridge Financial during the fourth quarter worth approximately $283,212,000. State Street Corp raised its position in Corebridge Financial by 11.7% during the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after purchasing an additional 843,559 shares during the period. Finally, Clearbridge Investments LLC lifted its stake in shares of Corebridge Financial by 23.3% in the 4th quarter. Clearbridge Investments LLC now owns 5,305,120 shares of the company’s stock valued at $158,782,000 after purchasing an additional 1,001,848 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

CRBG has been the topic of several recent research reports. Wells Fargo & Company increased their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Barclays raised shares of 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. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target for the company. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and increased their price objective for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Finally, UBS Group lowered Corebridge Financial from a “buy” rating to a “sell” rating and dropped their target price for the company from $40.00 to $28.00 in a research report on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and an average price target of $37.00.

Corebridge Financial Stock Down 10.5 %

Shares of CRBG opened at $25.62 on Monday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial, Inc. has a 52 week low of $23.97 and a 52 week high of $35.36. The stock’s 50-day moving average price is $32.48 and its 200-day moving average price is $31.35. The company has a market capitalization of $14.25 billion, a price-to-earnings ratio of 6.78, a PEG ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG) last posted its earnings results 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%. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.24 dividend. The ex-dividend date was Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.75%. Corebridge Financial’s payout ratio 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.