Raymond James Financial Inc. Invests $31.84 Million in Corebridge Financial, Inc. (NYSE:CRBG)

Raymond James Financial Inc. bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,063,949 shares of the company’s stock, valued at approximately $31,844,000. Raymond James Financial Inc. owned 0.19% of Corebridge Financial at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Public Employees Retirement System of Ohio boosted its stake in Corebridge Financial by 11.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock valued at $4,871,000 after purchasing an additional 16,970 shares during the period. Virtu Financial LLC bought a new stake in shares of Corebridge Financial during the 3rd quarter valued at $581,000. New York Life Investment Management LLC bought a new stake in shares of Corebridge Financial during the 4th quarter valued at $781,000. State Street Corp lifted its position in shares of Corebridge Financial by 11.7% during the 3rd 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. Finally, Qsemble Capital Management LP bought a new stake in shares of Corebridge Financial during the 3rd quarter valued at $2,370,000. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CRBG. Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a research 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 report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and upped their target price for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Piper Sandler upped their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, BMO Capital Markets initiated coverage on Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.29.

Corebridge Financial Stock Performance

Shares of CRBG opened at $30.52 on Friday. 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 company has a market capitalization of $16.97 billion, a price-to-earnings ratio of 8.07, a PEG ratio of 0.43 and a beta of 0.92. The stock has a 50 day moving average of $32.40 and a 200 day moving average of $30.89. Corebridge Financial, Inc. has a 12 month low of $23.97 and a 12 month high of $35.36.

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 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%. As a group, sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.15%. 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.