New Mexico Educational Retirement Board Acquires New Shares in Corebridge Financial, Inc. $CRBG

New Mexico Educational Retirement Board acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 54,800 shares of the company’s stock, valued at approximately $1,653,000.

Several other hedge funds have also recently bought and sold shares of CRBG. Community Bank N.A. purchased a new position in Corebridge Financial in the 3rd quarter valued at approximately $26,000. Salomon & Ludwin LLC increased its stake in Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after purchasing an additional 532 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in Corebridge Financial by 83.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after purchasing an additional 377 shares in the last quarter. Rothschild Investment LLC increased its stake in Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after purchasing an additional 520 shares in the last quarter. Finally, True Wealth Design LLC increased its stake in Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after purchasing an additional 412 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $27.03 on Wednesday. The business’s fifty day moving average price is $25.98 and its two-hundred day moving average price is $28.10. The stock has a market cap of $12.35 billion, a PE ratio of 49.15, a price-to-earnings-growth ratio of 0.29 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same quarter last year, the company posted $1.16 EPS. On average, analysts forecast that Corebridge Financial, Inc. will post 4.89 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is 181.82%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CRBG shares. Morgan Stanley dropped their price objective on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 3rd. Barclays dropped their price objective on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a research note on Wednesday, April 8th. Keefe, Bruyette & Woods increased their target price on Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Weiss Ratings cut Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Finally, JPMorgan Chase & Co. lowered their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.17.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.