Renaissance Capital LLC Purchases 173,995 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Renaissance Capital LLC lifted its position in Corebridge Financial, Inc. (NYSE:CRBG) by 73.8% during the 1st quarter, Holdings Channel.com reports. The fund owned 409,659 shares of the company’s stock after acquiring an additional 173,995 shares during the period. Corebridge Financial accounts for 10.0% of Renaissance Capital LLC’s investment portfolio, making the stock its 2nd biggest holding. Renaissance Capital LLC’s holdings in Corebridge Financial were worth $12,933,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CRBG. Smartleaf Asset Management LLC increased its position in shares of Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after acquiring an additional 480 shares during the period. Oarsman Capital Inc. acquired a new position in shares of Corebridge Financial in the 4th quarter valued at $30,000. Sunbelt Securities Inc. acquired a new position in shares of Corebridge Financial in the 4th quarter valued at $30,000. Blue Trust Inc. increased its position 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. Finally, Whittier Trust Co. of Nevada Inc. increased its position in shares of Corebridge Financial by 58.4% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company’s stock valued at $34,000 after acquiring an additional 423 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

NYSE:CRBG opened at $33.33 on Friday. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $35.36. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $18.32 billion, a PE ratio of 8.82, a price-to-earnings-growth ratio of 0.43 and a beta of 1.04. The stock’s 50-day moving average price is $30.22 and its 200-day moving average price is $31.30.

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

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date is Monday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 81.36%.

Analyst Ratings Changes

Several brokerages have weighed in on CRBG. Barclays increased their price target on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Wells Fargo & Company increased their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Piper Sandler increased their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods increased their price target on Corebridge Financial from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen raised Corebridge Financial from a “sell” rating to a “hold” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

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.