R Squared Ltd Takes Position in Corebridge Financial, Inc. (NYSE:CRBG)

R Squared Ltd purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,830 shares of the company’s stock, valued at approximately $204,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRBG. Covestor Ltd boosted its holdings in Corebridge Financial by 118.8% during the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after purchasing an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Corebridge Financial by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after acquiring an additional 585 shares during the period. Blue Trust Inc. grew its holdings in Corebridge Financial by 183.2% in the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock valued at $33,000 after buying an additional 729 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of Corebridge Financial by 4.2% in the third quarter. CIBC Asset Management Inc now owns 19,579 shares of the company’s stock valued at $571,000 after buying an additional 793 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators grew its stake in Corebridge Financial by 43.1% during the third quarter. Deseret Mutual Benefit Administrators now owns 2,969 shares of the company’s stock worth $87,000 after buying an additional 894 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Stock Down 0.3 %

NYSE:CRBG opened at $32.80 on Wednesday. The firm’s 50-day moving average price is $31.11 and its 200-day moving average price is $29.86. The company has a market capitalization of $18.66 billion, a PE ratio of -15.70, a P/E/G ratio of 0.36 and a beta of 0.92. Corebridge Financial, Inc. has a 1-year low of $23.01 and a 1-year high of $34.66. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. Corebridge Financial’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period last year, the company earned $1.05 EPS. On average, equities analysts predict that Corebridge Financial, Inc. will post 4.8 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a report on Monday, January 6th. Piper Sandler upped their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. 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 report on Wednesday, November 27th. 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 on the stock. Finally, Wells Fargo & Company decreased their price target on Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Tuesday, January 14th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.43.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.08% of the stock is owned by company insiders.

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.