South Dakota Investment Council Sells 2,506 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

South Dakota Investment Council decreased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 161,824 shares of the company’s stock after selling 2,506 shares during the quarter. South Dakota Investment Council’s holdings in Corebridge Financial were worth $4,843,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nippon Life Insurance Co. bought a new position in Corebridge Financial during the fourth quarter valued at $3,650,151,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of Corebridge Financial by 2.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock worth $305,709,000 after acquiring an additional 284,781 shares during the last quarter. State Street Corp lifted its holdings in shares of Corebridge Financial by 11.7% in the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after acquiring an additional 843,559 shares during the last quarter. FMR LLC lifted its holdings in shares of Corebridge Financial by 13.5% in the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company’s stock worth $146,678,000 after acquiring an additional 598,373 shares during the last quarter. Finally, Donald Smith & CO. Inc. lifted its holdings in shares of Corebridge Financial by 12.7% in the 3rd quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company’s stock worth $126,411,000 after acquiring an additional 489,545 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 2.3 %

NYSE CRBG opened at $32.72 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The company has a market capitalization of $18.19 billion, a price-to-earnings ratio of 8.65, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94. The company’s 50-day simple moving average is $31.70 and its two-hundred day simple moving average is $30.46. Corebridge Financial, Inc. has a one year low of $23.77 and a one year high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted 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%. Equities analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.24 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.93%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is presently 24.34%.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Piper Sandler raised their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Morgan Stanley raised their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and raised their price target for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.64.

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.