Burkehill Global Management LP Takes Position in Corebridge Financial, Inc. (NYSE:CRBG)

Burkehill Global Management LP purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 500,000 shares of the company’s stock, valued at approximately $14,965,000. Corebridge Financial comprises approximately 1.4% of Burkehill Global Management LP’s holdings, making the stock its 23rd biggest holding. Burkehill Global Management LP owned about 0.09% of Corebridge Financial as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Corebridge Financial during the 3rd quarter worth about $27,000. Fortitude Family Office LLC acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at $27,000. FNY Investment Advisers LLC bought a new position in shares of Corebridge Financial in the fourth quarter worth about $27,000. Smartleaf Asset Management LLC lifted its holdings in Corebridge Financial by 112.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after buying an additional 480 shares in the last quarter. Finally, Covestor Ltd boosted its stake in Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after acquiring an additional 570 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Trading Up 1.4 %

Shares of CRBG stock opened at $31.64 on Thursday. The stock has a market cap of $17.59 billion, a P/E ratio of 8.37, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92. Corebridge Financial, Inc. has a 1 year low of $23.97 and a 1 year high of $35.36. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock has a 50 day simple moving average of $32.40 and a 200 day simple moving average of $30.90.

Corebridge Financial (NYSE:CRBG) last released its 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%. On average, research analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be 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 yield of 3.03%. The ex-dividend date of this dividend is Monday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently 25.40%.

Analyst Ratings Changes

A number of research firms recently commented on CRBG. Wells Fargo & Company raised their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Piper Sandler lifted their price objective on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and upped their price target for the company from $33.00 to $40.00 in a report on Friday, January 10th. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $37.29.

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.