Russell Investments Group Ltd. Has $32.86 Million Position in Corebridge Financial, Inc. (NYSE:CRBG)

Russell Investments Group Ltd. boosted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 37.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,097,583 shares of the company’s stock after acquiring an additional 301,856 shares during the period. Russell Investments Group Ltd.’s holdings in Corebridge Financial were worth $32,861,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. The Manufacturers Life Insurance Company grew its position in shares of Corebridge Financial by 3.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after buying an additional 732 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Corebridge Financial during the third quarter valued at approximately $27,000. Investment Management Corp of Ontario acquired a new position in Corebridge Financial during the third quarter valued at approximately $265,000. State Street Corp increased its stake in Corebridge Financial by 11.7% in 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 in the last quarter. Finally, Wellington Management Group LLP raised its holdings in Corebridge Financial by 13.3% in the third quarter. Wellington Management Group LLP now owns 78,488 shares of the company’s stock worth $2,289,000 after purchasing an additional 9,229 shares during the period. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the subject of a number of recent analyst reports. BMO Capital Markets started coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price objective for the company. 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 report on Monday, January 6th. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and increased their target price for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. Piper Sandler lifted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, April 2nd. Finally, UBS Group downgraded shares of Corebridge Financial from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $40.00 to $28.00 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 twelve have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Corebridge Financial Price Performance

NYSE:CRBG opened at $25.47 on Tuesday. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $35.36. The company has a market cap of $14.16 billion, a P/E ratio of 6.74, a P/E/G ratio of 0.43 and a beta of 0.98. 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 stock’s 50-day simple moving average is $32.33 and its 200 day simple moving average is $31.34.

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

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.24 per share. 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 3.77%. The ex-dividend date was Monday, March 17th. Corebridge Financial’s dividend payout ratio is 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.