AlphaQuest LLC Has $82,000 Stock Position in Corebridge Financial, Inc. (NYSE:CRBG)

AlphaQuest LLC trimmed its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 60.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,730 shares of the company’s stock after selling 4,133 shares during the period. AlphaQuest LLC’s holdings in Corebridge Financial were worth $82,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Smartleaf Asset Management LLC raised its position in Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after buying an additional 480 shares during the period. Sanctuary Advisors LLC raised its position in Corebridge Financial by 3.1% during the fourth quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company’s stock valued at $664,000 after buying an additional 660 shares during the period. Blue Trust Inc. raised its position in Corebridge Financial by 183.2% during the fourth quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock valued at $33,000 after buying an additional 729 shares during the period. The Manufacturers Life Insurance Company raised its position in Corebridge Financial by 3.4% during the third quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock valued at $648,000 after buying an additional 732 shares during the period. Finally, CIBC Asset Management Inc raised its position in Corebridge Financial by 4.2% during the third quarter. CIBC Asset Management Inc now owns 19,579 shares of the company’s stock valued at $571,000 after buying an additional 793 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

CRBG opened at $32.58 on Thursday. The company has a market cap of $18.11 billion, a PE ratio of 8.62, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92. The stock has a 50-day moving average of $32.50 and a 200-day moving average of $31.00. Corebridge Financial, Inc. has a 52-week low of $23.97 and a 52-week high of $35.36. 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 quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. As a group, equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is currently 25.40%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Piper Sandler boosted their target price on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Wells Fargo & Company boosted their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Morgan Stanley upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $35.00 to $43.00 in a research note on Friday, February 28th. Finally, Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $37.29.

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.