Federated Hermes Inc. Sells 591 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Federated Hermes Inc. lessened its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 1.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 58,510 shares of the company’s stock after selling 591 shares during the quarter. Federated Hermes Inc.’s holdings in Corebridge Financial were worth $1,267,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in 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 acquiring an additional 1,566,275 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Corebridge Financial by 15.0% in the 3rd quarter. TD Asset Management Inc now owns 5,252,950 shares of the company’s stock valued at $103,746,000 after purchasing an additional 686,727 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in Corebridge Financial by 0.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,676,716 shares of the company’s stock valued at $92,365,000 after purchasing an additional 19,746 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Corebridge Financial by 960.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,417,518 shares of the company’s stock worth $27,996,000 after purchasing an additional 1,283,901 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Corebridge Financial by 90.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,382,574 shares of the company’s stock worth $27,306,000 after buying an additional 656,440 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $26.91 on Tuesday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $16.75 billion, a price-to-earnings ratio of 15.92, a price-to-earnings-growth ratio of 0.31 and a beta of 0.86. Corebridge Financial, Inc. has a twelve month low of $14.91 and a twelve month high of $29.40. The company has a 50-day simple moving average of $26.43 and a two-hundred day simple moving average of $23.54.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Thursday, February 15th. The company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.99 by $0.05. The company had revenue of $5.92 billion for the quarter, compared to analysts’ expectations of $5.65 billion. Corebridge Financial had a net margin of 5.92% and a return on equity of 23.11%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period last year, the firm earned $0.88 earnings per share. Analysts forecast that Corebridge Financial, Inc. will post 4.82 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend was Thursday, March 14th. Corebridge Financial’s dividend payout ratio (DPR) is currently 54.44%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CRBG. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Corebridge Financial in a research report on Friday, April 12th. UBS Group lifted their price objective on shares of Corebridge Financial from $22.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Piper Sandler increased their price objective on shares of Corebridge Financial from $30.00 to $34.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Keefe, Bruyette & Woods raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Finally, Wells Fargo & Company upped their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.08.

Corebridge Financial 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.