Northwestern Mutual Investment Management Company LLC Invests $1.81 Million in Corebridge Financial, Inc. $CRBG

Northwestern Mutual Investment Management Company LLC purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 59,814 shares of the company’s stock, valued at approximately $1,805,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Corebridge Financial by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after acquiring an additional 311,133 shares in the last quarter. Pzena Investment Management LLC lifted its position in Corebridge Financial by 19.3% in the 3rd quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock valued at $715,651,000 after acquiring an additional 3,605,498 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Corebridge Financial by 6.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock valued at $214,372,000 after acquiring an additional 430,308 shares in the last quarter. LSV Asset Management lifted its position in Corebridge Financial by 2.1% in the 3rd quarter. LSV Asset Management now owns 4,685,535 shares of the company’s stock valued at $150,171,000 after acquiring an additional 98,435 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in Corebridge Financial by 42.8% in the 2nd quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock valued at $102,403,000 after acquiring an additional 864,946 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Price Performance

Shares of CRBG opened at $27.57 on Monday. The firm has a market cap of $12.59 billion, a PE ratio of 50.12, a P/E/G ratio of 0.30 and a beta of 1.18. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. The firm has a fifty day simple moving average of $25.32 and a two-hundred day simple moving average of $28.39. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share 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 analysts’ expectations 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 in the prior year, the firm posted $1.16 earnings per share. On average, equities analysts anticipate that Corebridge Financial, Inc. will post 4.9 EPS for the current 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 paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.6%. Corebridge Financial’s payout ratio is currently 181.82%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CRBG shares. Keefe, Bruyette & Woods upped their price objective on Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a research report on Wednesday, May 6th. Weiss Ratings raised Corebridge Financial from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Mizuho upped their price objective on Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Zacks Research cut Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Monday, May 4th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.92.

Corebridge Financial Profile

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.