Quantbot Technologies LP Decreases Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Quantbot Technologies LP reduced its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 72.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 90,068 shares of the company’s stock after selling 236,410 shares during the quarter. Quantbot Technologies LP’s holdings in Corebridge Financial were worth $2,696,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of CRBG. Point72 Asia Singapore Pte. Ltd. purchased a new position in Corebridge Financial during the 3rd quarter worth approximately $27,000. Fortitude Family Office LLC purchased a new position in Corebridge Financial during the 4th quarter worth approximately $27,000. FNY Investment Advisers LLC purchased a new position in Corebridge Financial during the 4th quarter worth approximately $27,000. Smartleaf Asset Management LLC raised its position 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 last quarter. Finally, Blue Trust Inc. raised its position in Corebridge Financial by 183.2% during 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. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $32.36 on Friday. The company’s fifty day moving average price is $32.56 and its 200 day moving average price is $31.05. Corebridge Financial, Inc. has a 1 year low of $23.97 and a 1 year high of $35.36. The stock has a market capitalization of $17.99 billion, a P/E ratio of 8.56, a P/E/G ratio of 0.43 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last announced 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 return on equity of 22.69% and a net margin of 11.39%. As a group, equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is 25.40%.

Analyst Ratings Changes

A number of equities analysts have issued reports on CRBG shares. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a research report on Monday, January 6th. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Piper Sandler lifted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $35.00 to $43.00 in a report on Friday, February 28th. Finally, DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $37.29.

About Corebridge Financial

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.