KLP Kapitalforvaltning AS Makes New Investment in Corebridge Financial, Inc. (NYSE:CRBG)

KLP Kapitalforvaltning AS purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 77,500 shares of the company’s stock, valued at approximately $2,320,000.

Several other large investors have also recently added to or reduced their stakes in CRBG. Nippon Life Insurance Co. acquired a new position in Corebridge Financial during the 4th quarter worth approximately $3,650,151,000. Pzena Investment Management LLC boosted its stake in shares of Corebridge Financial by 222.9% in the fourth quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company’s stock valued at $138,829,000 after buying an additional 3,202,145 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Corebridge Financial during the fourth quarter worth $31,844,000. Jacobs Levy Equity Management Inc. raised its position in Corebridge Financial by 34.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock worth $104,032,000 after acquiring an additional 915,848 shares in the last quarter. Finally, State Street Corp lifted its holdings in Corebridge Financial by 11.7% in the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after acquiring an additional 843,559 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Morgan Stanley upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $35.00 to $43.00 in a report on Friday, February 28th. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a report on Monday, January 6th. Wells Fargo & Company boosted their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and raised their price objective for the company from $33.00 to $40.00 in a research note on Friday, January 10th. Finally, Piper Sandler boosted their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $37.29.

Corebridge Financial Price Performance

NYSE:CRBG opened at $32.21 on Friday. The company’s 50-day moving average is $32.75 and its two-hundred day moving average is $31.17. 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 firm has a market cap of $17.91 billion, a price-to-earnings ratio of 8.52, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92. Corebridge Financial, Inc. has a 12-month low of $23.97 and a 12-month high of $35.36.

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

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.98%. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Monday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently 25.40%.

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.