Quantbot Technologies LP Trims Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Quantbot Technologies LP reduced its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 72.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 90,068 shares of the company’s stock after selling 236,410 shares during the period. Quantbot Technologies LP’s holdings in Corebridge Financial were worth $2,696,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Corebridge Financial in the 3rd quarter valued at about $27,000. Fortitude Family Office LLC purchased a new stake in Corebridge Financial in the 4th quarter valued at about $27,000. FNY Investment Advisers LLC purchased a new stake in Corebridge Financial in the 4th quarter valued at about $27,000. Smartleaf Asset Management LLC raised its holdings in 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 buying an additional 480 shares during the period. Finally, Blue Trust Inc. raised its holdings in 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 buying an additional 729 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of recent research reports. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a research note on Monday, January 6th. Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. TD Cowen boosted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, Morgan Stanley upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $35.00 to $43.00 in a research note on Friday, February 28th. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and a consensus target price of $37.29.

Corebridge Financial Stock Performance

Shares of CRBG opened at $32.36 on Friday. The stock has a 50 day moving average price of $32.56 and a 200 day moving average price of $31.05. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $17.99 billion, a price-to-earnings ratio of 8.56, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92. Corebridge Financial, Inc. has a 52-week low of $23.97 and a 52-week high of $35.36.

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 analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. Research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.24 dividend. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Monday, March 17th. Corebridge Financial’s dividend payout ratio is presently 25.40%.

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.