Corebridge Financial, Inc. $CRBG Stock Position Decreased by Qsemble Capital Management LP

Qsemble Capital Management LP cut its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 25.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 163,567 shares of the company’s stock after selling 54,426 shares during the quarter. Qsemble Capital Management LP’s holdings in Corebridge Financial were worth $4,935,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Community Bank N.A. purchased a new position in shares of Corebridge Financial during the third quarter valued at $26,000. Smartleaf Asset Management LLC boosted its position in Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after purchasing an additional 377 shares during the last quarter. Salomon & Ludwin LLC boosted its position in Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after purchasing an additional 532 shares during the last quarter. Root Financial Partners LLC acquired a new stake in Corebridge Financial during the third quarter valued at $32,000. Finally, True Wealth Design LLC boosted its position in Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after purchasing an additional 412 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 0.3%

Shares of CRBG opened at $27.57 on Friday. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $12.59 billion, a price-to-earnings ratio of 50.12, a P/E/G ratio of 0.30 and a beta of 1.18. The stock’s 50-day moving average price is $25.32 and its 200 day moving average price is $28.42.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the prior year, the firm earned $1.16 earnings per share. As a group, research analysts predict that Corebridge Financial, Inc. will post 4.9 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial’s payout ratio is currently 181.82%.

Analysts Set New Price Targets

A number of analysts recently issued reports on CRBG shares. Weiss Ratings raised Corebridge Financial from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday. Morgan Stanley cut their target price on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 3rd. Barclays cut their target price on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating on the stock in a report on Wednesday, April 8th. TD Cowen cut their target price on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Finally, Mizuho raised their target price on Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $35.92.

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.