Northwestern Mutual Investment Management Company LLC Invests $1.81 Million in Corebridge Financial, Inc. $CRBG

Northwestern Mutual Investment Management Company LLC acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the 4th quarter, Holdings Channel.com reports. The firm acquired 59,814 shares of the company’s stock, valued at approximately $1,805,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Community Bank N.A. purchased a new stake in shares of Corebridge Financial in the 3rd quarter worth $26,000. Salomon & Ludwin LLC increased its stake in shares of Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after purchasing an additional 532 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Corebridge Financial by 83.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares in the last quarter. Root Financial Partners LLC purchased a new stake in shares of Corebridge Financial in the 3rd quarter worth $32,000. Finally, True Wealth Design LLC increased its stake in shares of Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after purchasing an additional 412 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Trading Up 0.0%

Shares of CRBG stock opened at $27.57 on Monday. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $36.57. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $12.59 billion, a PE ratio of 50.12, a PEG ratio of 0.30 and a beta of 1.18. The stock has a fifty day simple moving average of $25.32 and a two-hundred day simple moving average of $28.39.

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 analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter in the previous year, the company posted $1.16 EPS. On average, analysts predict that Corebridge Financial, Inc. will post 4.9 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

CRBG has been the subject of several analyst reports. Wells Fargo & Company upped their price objective on Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Bank of America reduced their price objective on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Barclays cut their price target on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a research note on Wednesday, April 8th. TD Cowen cut their price target on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Finally, UBS Group cut their price target on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus 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.