Sei Investments Co. Acquires 130,439 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Sei Investments Co. boosted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 22.9% during the fourth quarter, Holdings Channel reports. The firm owned 701,228 shares of the company’s stock after acquiring an additional 130,439 shares during the quarter. Sei Investments Co.’s holdings in Corebridge Financial were worth $20,989,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its stake in shares of Corebridge Financial by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,738,163 shares of the company’s stock valued at $50,685,000 after buying an additional 148,834 shares during the period. Cerity Partners LLC boosted its holdings in Corebridge Financial by 104.4% in the third quarter. Cerity Partners LLC now owns 21,595 shares of the company’s stock valued at $630,000 after acquiring an additional 11,029 shares in the last quarter. Swedbank AB boosted its holdings in Corebridge Financial by 3.2% in the third quarter. Swedbank AB now owns 199,807 shares of the company’s stock valued at $5,826,000 after acquiring an additional 6,143 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Corebridge Financial by 3.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 54,500 shares of the company’s stock valued at $1,589,000 after purchasing an additional 1,900 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in Corebridge Financial by 3.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after purchasing an additional 732 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

CRBG opened at $32.86 on Thursday. The firm has a market cap of $18.27 billion, a PE ratio of 8.69, a P/E/G ratio of 0.43 and a beta of 0.92. The stock has a 50-day moving average price of $32.74 and a 200-day moving average price of $31.16. Corebridge Financial, Inc. has a 1 year low of $23.97 and a 1 year high of $35.36. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last issued 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%. Sell-side analysts predict 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 2.92%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Monday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently 25.40%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CRBG shares. 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 research note on Friday, February 28th. Piper Sandler upped their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a research report on Monday, January 6th. Wells Fargo & Company lifted their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Finally, BMO Capital Markets began coverage on Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price objective for the company. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.