Corebridge Financial, Inc. (NYSE:CRBG) Shares Acquired by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV raised its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 4.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 247,487 shares of the company’s stock after buying an additional 9,867 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Corebridge Financial were worth $7,407,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nippon Life Insurance Co. bought a new stake in Corebridge Financial in the fourth quarter worth about $3,650,151,000. Price T Rowe Associates Inc. MD grew its stake in shares of Corebridge Financial by 31.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company’s stock worth $986,539,000 after purchasing an additional 7,828,929 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Corebridge Financial by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company’s stock worth $716,083,000 after purchasing an additional 711,857 shares in the last quarter. Norges Bank acquired a new stake in Corebridge Financial during the fourth quarter valued at approximately $283,212,000. Finally, AQR Capital Management LLC grew its position in Corebridge Financial by 10.5% in the fourth quarter. AQR Capital Management LLC now owns 5,556,761 shares of the company’s stock worth $166,314,000 after buying an additional 527,376 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on CRBG. 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 objective for the company. Piper Sandler upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, April 2nd. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price target for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. UBS Group lowered shares of Corebridge Financial from a “buy” rating to a “sell” rating and reduced their price objective for the company from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Finally, Wells Fargo & Company dropped their target price on shares of Corebridge Financial from $38.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.15.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $30.59 on Friday. The business has a fifty day simple moving average of $30.27 and a 200 day simple moving average of $31.15. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. 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 $16.90 billion, a price-to-earnings ratio of 8.09, a P/E/G ratio of 0.43 and a beta of 0.98.

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 the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. As a group, 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 declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.24 per share. The ex-dividend date was Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.14%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio (DPR) is currently 25.40%.

Corebridge Financial 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.