270,400 Shares in Corebridge Financial, Inc. (NYSE:CRBG) Bought by Natixis

Posted by Defense World Staff on Jun 10th, 2023

Natixis bought a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG – Get Rating) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 270,400 shares of the company’s stock, valued at approximately $5,424,000.

Several other hedge funds have also modified their holdings of the stock. Advisor Group Holdings Inc. acquired a new stake in Corebridge Financial during the 4th quarter worth about $35,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Corebridge Financial during the third quarter valued at approximately $85,000. SG Americas Securities LLC purchased a new stake in shares of Corebridge Financial in the 4th quarter valued at approximately $123,000. New York State Common Retirement Fund acquired a new position in Corebridge Financial in the 4th quarter worth approximately $185,000. Finally, UBS Group AG purchased a new position in Corebridge Financial during the 3rd quarter worth approximately $186,000. 22.16% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

CRBG stock opened at $16.67 on Friday. Corebridge Financial, Inc. has a 1 year low of $14.01 and a 1 year high of $23.50. The company has a fifty day simple moving average of $16.60 and a 200 day simple moving average of $18.80. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.85.

Corebridge Financial (NYSE:CRBG – Get Rating) last announced its earnings results on Tuesday, May 9th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.13. The company had revenue of $5.36 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the previous year, the company earned $1.15 EPS. As a group, research analysts expect that Corebridge Financial, Inc. will post 3.87 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Thursday, June 15th. This represents a $0.92 annualized dividend and a yield of 5.52%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CRBG. The Goldman Sachs Group raised Corebridge Financial from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $25.00 to $23.00 in a research report on Tuesday, April 4th. Wells Fargo & Company lowered their target price on Corebridge Financial from $28.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 5th. Citigroup started coverage on shares of Corebridge Financial in a research report on Monday, April 10th. They issued a “neutral” rating for the company. Bank of America lowered their price objective on shares of Corebridge Financial from $28.00 to $26.00 in a research report on Friday, June 2nd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $26.00 target price on shares of Corebridge Financial in a research note on Wednesday, April 5th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.45.

Corebridge Financial Company Profile

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Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. It 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.