Hsbc Holdings PLC Increases Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Hsbc Holdings PLC boosted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBGFree Report) by 604.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 130,926 shares of the company’s stock after acquiring an additional 112,330 shares during the quarter. Hsbc Holdings PLC’s holdings in Corebridge Financial were worth $2,833,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Corebridge Financial in the fourth quarter valued at approximately $225,561,000. Clearbridge Investments LLC increased its position in shares of Corebridge Financial by 681.9% in the fourth quarter. Clearbridge Investments LLC now owns 4,248,529 shares of the company’s stock valued at $92,023,000 after buying an additional 3,705,181 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Corebridge Financial by 10.1% in the third quarter. Vanguard Group Inc. now owns 17,064,429 shares of the company’s stock valued at $337,022,000 after buying an additional 1,566,275 shares in the last quarter. Pzena Investment Management LLC increased its position in shares of Corebridge Financial by 793.0% in the fourth quarter. Pzena Investment Management LLC now owns 1,590,098 shares of the company’s stock valued at $34,442,000 after buying an additional 1,412,040 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Corebridge Financial by 29.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,048,383 shares of the company’s stock valued at $131,008,000 after buying an additional 1,371,667 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $29.20, for a total transaction of $876,000,000.00. Following the transaction, the insider now owns 294,203,636 shares of the company’s stock, valued at $8,590,746,171.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.09% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently commented on CRBG. Royal Bank of Canada restated an “outperform” rating and issued a $32.00 price objective on shares of Corebridge Financial in a research report on Friday, April 12th. Piper Sandler boosted their price objective on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, May 6th. Evercore ISI lifted their price target on Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, April 11th. Wells Fargo & Company lifted their price target on Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, May 10th. Finally, Morgan Stanley lifted their price target on Corebridge Financial from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.55.

Check Out Our Latest Report on Corebridge Financial

Corebridge Financial Stock Performance

NYSE CRBG opened at $28.93 on Friday. The stock’s fifty day moving average is $28.71 and its two-hundred day moving average is $25.31. The firm has a market capitalization of $17.60 billion, a P/E ratio of 7.61, a price-to-earnings-growth ratio of 0.31 and a beta of 0.99. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a fifty-two week low of $16.13 and a fifty-two week high of $34.66.

Corebridge Financial (NYSE:CRBGGet Free Report) last released its quarterly earnings data on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. The company had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same quarter in the previous year, the company posted $0.97 earnings per share. On average, research analysts anticipate that Corebridge Financial, Inc. will post 4.95 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Friday, June 14th. Corebridge Financial’s dividend payout ratio (DPR) is currently 24.21%.

Corebridge Financial Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Corebridge Financial (NYSE:CRBG)

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