Envestnet Portfolio Solutions Inc. Boosts Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Envestnet Portfolio Solutions Inc. raised its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 288.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,855 shares of the company’s stock after acquiring an additional 24,396 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Corebridge Financial were worth $983,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of CRBG. Point72 Asia Singapore Pte. Ltd. bought a new stake in Corebridge Financial during the third quarter valued at approximately $27,000. Fortitude Family Office LLC bought a new stake in shares of Corebridge Financial during the 4th quarter worth $27,000. FNY Investment Advisers LLC purchased a new position in Corebridge Financial in the fourth quarter worth $27,000. Smartleaf Asset Management LLC increased its stake in Corebridge Financial by 112.4% in the fourth 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 last quarter. Finally, 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 purchasing an additional 729 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Morgan Stanley upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $35.00 to $43.00 in a report on Friday, February 28th. Wells Fargo & Company increased their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and increased their target price for the company from $33.00 to $40.00 in a report on Friday, January 10th. Finally, DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $37.29.

Corebridge Financial Stock Down 0.4 %

Shares of NYSE:CRBG opened at $32.36 on Monday. The stock’s 50-day moving average is $32.56 and its 200 day moving average is $31.06. The company has a market cap of $17.99 billion, a PE ratio of 8.56, a P/E/G ratio of 0.43 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial, Inc. has a 1 year low of $23.97 and a 1 year high of $35.36.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date is Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.97%. Corebridge Financial’s payout ratio is presently 25.40%.

Corebridge Financial Company 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.