Algebris UK Ltd Has $24.55 Million Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

Algebris UK Ltd increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 21.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 849,352 shares of the company’s stock after acquiring an additional 148,971 shares during the quarter. Corebridge Financial comprises approximately 6.2% of Algebris UK Ltd’s investment portfolio, making the stock its 5th biggest holding. Algebris UK Ltd owned about 0.15% of Corebridge Financial worth $24,552,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its position in shares of Corebridge Financial by 25.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company’s stock worth $49,000 after purchasing an additional 329 shares during the period. Smartleaf Asset Management LLC raised its holdings in Corebridge Financial by 112.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after buying an additional 480 shares during the period. Sanctuary Advisors LLC lifted its stake in Corebridge Financial by 3.1% in the fourth quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company’s stock valued at $664,000 after buying an additional 660 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Corebridge Financial by 183.2% in the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock valued at $33,000 after buying an additional 729 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of Corebridge Financial by 3.4% during the third quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after acquiring an additional 732 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. BMO Capital Markets assumed coverage on Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target on the stock. TD Cowen boosted their target price on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Barclays upgraded shares of 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. Piper Sandler increased their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, Wells Fargo & Company raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $37.29.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $32.17 on Wednesday. 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 company has a market capitalization of $17.89 billion, a P/E ratio of 8.51, a P/E/G ratio of 0.43 and a beta of 0.92. Corebridge Financial, Inc. has a 12 month low of $23.97 and a 12 month high of $35.36. The stock has a 50 day moving average of $32.47 and a 200-day moving average of $30.99.

Corebridge Financial (NYSE:CRBG) last announced its quarterly 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%. As a group, equities research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.24 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a yield of 2.98%. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio is 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.