First Trust Advisors LP Increases Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

First Trust Advisors LP boosted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 26.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 4,182,819 shares of the company’s stock after acquiring an additional 877,980 shares during the period. First Trust Advisors LP’s holdings in Corebridge Financial were worth $125,192,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Fortitude Family Office LLC purchased a new stake in shares of Corebridge Financial during the 4th quarter worth $27,000. FNY Investment Advisers LLC purchased a new stake in shares of Corebridge Financial during the fourth quarter valued at about $27,000. Smartleaf Asset Management LLC lifted its position in shares of Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after buying an additional 480 shares during the last quarter. Oarsman Capital Inc. bought a new stake in shares of Corebridge Financial in the 4th quarter valued at about $30,000. Finally, Blue Trust Inc. grew its position in shares of Corebridge Financial by 183.2% in the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock worth $33,000 after buying an additional 729 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Up 1.5 %

Shares of CRBG opened at $27.71 on Monday. The stock’s 50-day moving average price is $31.00 and its 200-day moving average price is $31.21. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $15.40 billion, a price-to-earnings ratio of 7.33, a PEG ratio of 0.43 and a beta of 0.98. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $35.36.

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 declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.24 dividend. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a yield of 3.46%. Corebridge Financial’s dividend payout ratio is presently 25.40%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CRBG shares. Wells Fargo & Company lowered their target price on shares of Corebridge Financial from $38.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Morgan Stanley dropped their target price on Corebridge Financial from $43.00 to $32.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Barclays decreased their price target on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating for the company in a research note on Friday, April 11th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price target for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. Finally, Piper Sandler increased their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.15.

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.