Vinva Investment Management Ltd Sells 73,611 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Vinva Investment Management Ltd cut its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 71.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,982 shares of the company’s stock after selling 73,611 shares during the period. Vinva Investment Management Ltd’s holdings in Corebridge Financial were worth $869,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Corebridge Financial in the 3rd quarter valued at $27,000. Fortitude Family Office LLC bought a new position in shares of Corebridge Financial in the 4th quarter valued at $27,000. FNY Investment Advisers LLC bought a new position in shares of Corebridge Financial in the 4th quarter valued at $27,000. Smartleaf Asset Management LLC lifted its stake in shares of Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after acquiring an additional 480 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake 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 valued at $33,000 after acquiring an additional 729 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CRBG has been the subject of a number of 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 research note on Wednesday, February 19th. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Morgan Stanley raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $35.00 to $43.00 in a research report on Friday, February 28th. BMO Capital Markets assumed coverage on Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 target price for the company. Finally, Piper Sandler raised their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $37.29.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock opened at $32.46 on Friday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $32.52 and a two-hundred day moving average price of $31.01. Corebridge Financial, Inc. has a 1-year low of $23.97 and a 1-year high of $35.36. The company has a market cap of $18.05 billion, a P/E ratio of 8.59, a PEG ratio of 0.43 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, February 12th. The company reported $1.23 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%. As a group, analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.96%. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Monday, March 17th. Corebridge Financial’s payout ratio is presently 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.