Freestone Grove Partners LP Invests $14.92 Million in Corebridge Financial, Inc. (NYSE:CRBG)

Freestone Grove Partners LP acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 498,378 shares of the company’s stock, valued at approximately $14,916,000. Freestone Grove Partners LP owned approximately 0.09% of Corebridge Financial at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in CRBG. Fortitude Family Office LLC bought a new stake in shares of Corebridge Financial in the 4th quarter valued at about $27,000. Smartleaf Asset Management LLC raised its stake in Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after buying an additional 480 shares in the last quarter. FNY Investment Advisers LLC bought a new position in Corebridge Financial in the fourth quarter worth approximately $27,000. Oarsman Capital Inc. purchased a new stake in Corebridge Financial during the fourth quarter worth $30,000. Finally, Blue Trust Inc. increased its holdings in shares of 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 acquiring an additional 729 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Price Performance

NYSE:CRBG opened at $29.96 on Friday. The company has a 50 day moving average price of $30.31 and a 200-day moving average price of $31.15. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $35.36. The firm has a market cap of $16.55 billion, a price-to-earnings ratio of 7.93, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98. 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 quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. Equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.24 dividend. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 3.20%. The ex-dividend date was Monday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently 25.40%.

Wall Street Analysts Forecast Growth

CRBG has been the subject of a number of analyst reports. Keefe, Bruyette & Woods decreased their price objective on Corebridge Financial from $40.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Morgan Stanley lowered their price target on shares of Corebridge Financial from $43.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. BMO Capital Markets began coverage on Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target on the stock. Finally, Wells Fargo & Company lowered their price objective on Corebridge Financial from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus target price of $36.15.

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.