Mariner LLC Lowers Position in Corebridge Financial, Inc. (NYSE:CRBG)

Mariner LLC lessened its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 16.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,861 shares of the company’s stock after selling 5,678 shares during the period. Mariner LLC’s holdings in Corebridge Financial were worth $864,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Barclays PLC boosted its position in Corebridge Financial by 135.3% in the 4th quarter. Barclays PLC now owns 842,550 shares of the company’s stock worth $25,217,000 after purchasing an additional 484,515 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in Corebridge Financial by 8.1% during the fourth quarter. Sterling Capital Management LLC now owns 73,704 shares of the company’s stock valued at $2,206,000 after purchasing an additional 5,519 shares in the last quarter. Treasurer of the State of North Carolina grew its position in shares of Corebridge Financial by 10.7% in the fourth quarter. Treasurer of the State of North Carolina now owns 129,985 shares of the company’s stock valued at $3,890,000 after purchasing an additional 12,579 shares during the period. LSV Asset Management purchased a new stake in shares of Corebridge Financial during the fourth quarter worth about $85,786,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Corebridge Financial during the fourth quarter worth about $31,844,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $29.90 on Tuesday. The company’s 50-day moving average is $30.49 and its two-hundred day moving average is $31.17. 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 $23.69 and a 1-year high of $35.36. The firm has a market capitalization of $16.52 billion, a price-to-earnings ratio of 7.91, a PEG ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 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%. Analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a $0.24 dividend. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend was Monday, March 17th. Corebridge Financial’s dividend payout ratio is currently 25.40%.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Barclays cut their target price on shares of Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating for the company in a research note on Friday, April 11th. Piper Sandler boosted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods cut their target price on shares of Corebridge Financial from $40.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Morgan Stanley lowered their price target on shares of Corebridge Financial from $43.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Finally, BMO Capital Markets began coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus target price of $36.15.

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.