Sei Investments Co. Increases Stake in Corebridge Financial

Sei Investments Co. has announced a significant rise in its holdings of Corebridge Financial, Inc. (NYSE:CRBG - Free Report), with an increase of 22.9% recorded in the fourth quarter. As per the latest filing with the Securities and Exchange Commission, Sei now owns a total of 701,228 shares of Corebridge after acquiring an additional 130,439 shares during this period. This stake represents approximately 0.12% of Corebridge Financial, valued at $20,989,000 at the conclusion of the reporting period.

In addition to Sei Investments, several other institutional investors have also been active in trading shares of Corebridge Financial. EverSource Wealth Advisors LLC boosted its stake by 25.1% during the fourth quarter, now holding 1,642 shares valued at $49,000 after purchasing 329 additional shares. Similarly, Whittier Trust Co. of Nevada Inc. saw a 58.4% increase in its position, owning 1,147 shares worth $34,000 after acquiring 423 shares.

Smartleaf Asset Management LLC increased its stake by an impressive 112.4% during the same quarter, now owning 907 shares valued at $27,000. Further, Sanctuary Advisors LLC enhanced its holdings by 3.1%, bringing its total to 22,182 shares worth $664,000 after purchasing another 660 shares. Lastly, Blue Trust Inc. amplified its stake by 183.2%, now having 1,127 shares valued at $33,000 after adding 729 shares during the quarter. Notably, 98.25% of Corebridge Financial's stock is held by institutional investors and hedge funds.

Market Ratings and Analyst Insights

Corebridge Financial has recently received various updates from analysts. TD Cowen has raised its price target for Corebridge from $35.00 to $37.00, assigning a "buy" rating in a research note dated November 27th. Likewise, Piper Sandler also increased its price target from $34.00 to $35.00, rating the stock as "overweight" on December 18th.

Barclays upgraded its rating from "equal weight" to "overweight," with a target price set at $37.00 on January 6th. BMO Capital Markets began coverage on Corebridge with an "outperform" rating and a price target of $43.00 on January 23rd. Furthermore, Morgan Stanley raised its rating from "equal weight" to "overweight" in a report dated February 28th, increasing its target price from $35.00 to $43.00. Currently, two analysts rate the stock as a hold, while thirteen recommend a buy, giving Corebridge a consensus rating of "Moderate Buy" with an average target price of $37.29.

Corebridge Financial's Price and Earnings Performance

On Thursday, the stock of Corebridge Financial opened at $32.86. Corebridge has a quick ratio of 0.13, a current ratio of 0.13, and a low debt-to-equity ratio of 0.16. The company's fifty-day simple moving average stands at $32.74, and its 200-day moving average is $31.16, reflecting stable price performance. Over the past year, Corebridge Financial has recorded a low of $23.97 and a high of $35.36. The firm has a market capitalization of $18.27 billion, with a price-to-earnings ratio of 8.69 and a PEG ratio of 0.43, indicating growth potential.

Corebridge Financial most recently disclosed its earnings on February 12th, reporting an EPS of $1.23 for the quarter, slightly below the consensus estimate of $1.27. The company reported a net margin of 11.39% and a return on equity of 22.69%. Analysts forecast that Corebridge Financial, Inc. is expected to post an EPS of 5.43 for the current year.

Recent Dividend Announcement

Moreover, Corebridge Financial has recently declared a quarterly dividend to be paid on March 31st. Shareholders on record as of March 17th will receive a dividend of $0.24 per share, which translates to an annualized dividend of $0.96 and a yield of 2.92%. This is a rise from the prior quarterly dividend of $0.23. Currently, the company's payout ratio is at 25.40%.

About Corebridge Financial

Corebridge Financial, Inc. provides a variety of retirement solutions and insurance products in the United States. Its operations are segmented into Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets. Within the Individual Retirement segment, Corebridge offers fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.

Conclusion

The recent activities of Sei Investments and other large investors reflect a strong interest in Corebridge Financial, signifying confidence in its market position and financial prospects.

Sei, Investments, Corebridge