Utah Retirement Systems Has $476,000 Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Utah Retirement Systems raised its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 17.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,900 shares of the company’s stock after purchasing an additional 2,400 shares during the period. Utah Retirement Systems’ holdings in Corebridge Financial were worth $476,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new position in Corebridge Financial during the 3rd quarter worth approximately $581,000. New York Life Investment Management LLC bought a new stake in shares of Corebridge Financial during the fourth quarter worth $781,000. First Hawaiian Bank acquired a new position in shares of Corebridge Financial during the fourth quarter worth $1,168,000. Raymond James Financial Inc. bought a new position in shares of Corebridge Financial in the 4th quarter valued at $31,844,000. Finally, Barclays PLC boosted its holdings in shares of Corebridge Financial by 20.0% during the 3rd quarter. Barclays PLC now owns 358,035 shares of the company’s stock valued at $10,441,000 after acquiring an additional 59,702 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Price Performance

Shares of CRBG opened at $30.59 on Friday. The firm has a market cap of $16.90 billion, a PE ratio of 8.09, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $35.36. The business’s 50 day moving average price is $30.27 and its two-hundred day moving average price is $31.15. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last released its 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%. On average, equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date was Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio is 25.40%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. BMO Capital Markets initiated coverage on Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price for the company. Wells Fargo & Company cut 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. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their target price for the stock from $33.00 to $40.00 in a report on Friday, January 10th. UBS Group downgraded shares of Corebridge Financial from a “buy” rating to a “sell” rating and dropped their price target for the company from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Finally, Piper Sandler boosted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average 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.