Deutsche Bank AG Boosts Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Deutsche Bank AG raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 9.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 322,363 shares of the company’s stock after purchasing an additional 26,512 shares during the period. Deutsche Bank AG’s holdings in Corebridge Financial were worth $9,648,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CRBG. Nippon Life Insurance Co. acquired a new stake in shares of Corebridge Financial during the 4th quarter worth about $3,650,151,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Corebridge Financial by 31.2% during 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. boosted its stake in shares of Corebridge Financial by 3.1% during 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 during the last quarter. Norges Bank acquired a new stake in shares of Corebridge Financial during the 4th quarter worth about $283,212,000. Finally, AQR Capital Management LLC boosted its stake in shares of Corebridge Financial by 10.5% during the 4th quarter. AQR Capital Management LLC now owns 5,556,761 shares of the company’s stock worth $166,314,000 after purchasing an additional 527,376 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. BMO Capital Markets began coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price on the stock. Barclays raised their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Piper Sandler raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 2nd. Finally, Morgan Stanley decreased their target price on shares of Corebridge Financial from $43.00 to $32.00 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 assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average price target of $36.62.

Corebridge Financial Trading Up 1.5%

Shares of CRBG stock opened at $32.79 on Friday. The stock has a market cap of $18.04 billion, a price-to-earnings ratio of 8.67, a price-to-earnings-growth ratio of 0.43 and a beta of 1.01. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $35.36. The firm’s 50 day moving average price is $30.11 and its two-hundred day moving average price is $31.17.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. The firm had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $5.28 billion. Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. During the same period in the previous year, the company posted $1.10 earnings per share. On average, analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, June 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.93%. Corebridge Financial’s dividend payout ratio (DPR) is 81.36%.

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.