Y Intercept Hong Kong Ltd Boosts Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Y Intercept Hong Kong Ltd increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 194.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 50,199 shares of the company’s stock after buying an additional 33,173 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Corebridge Financial were worth $1,464,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board raised its holdings in shares of Corebridge Financial by 249.3% in the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after buying an additional 4,507,322 shares during the last quarter. Marshall Wace LLP lifted its position in Corebridge Financial by 201.1% during the 2nd quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock worth $116,723,000 after acquiring an additional 2,677,105 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Corebridge Financial by 150.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock valued at $103,707,000 after purchasing an additional 2,137,594 shares during the period. AQR Capital Management LLC raised its holdings in Corebridge Financial by 40.3% during the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after purchasing an additional 1,282,154 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Corebridge Financial by 34.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock worth $104,032,000 after purchasing an additional 915,848 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on CRBG shares. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Barclays boosted their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Piper Sandler reduced their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. TD Cowen upped their target price on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Finally, Morgan Stanley raised their price target on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Corebridge Financial Stock Performance

CRBG stock opened at $30.24 on Wednesday. The stock has a market capitalization of $17.20 billion, a price-to-earnings ratio of -14.47, a PEG ratio of 0.41 and a beta of 0.86. The stock’s fifty day moving average is $31.14 and its two-hundred day moving average is $29.50. Corebridge Financial, Inc. has a 1 year low of $20.32 and a 1 year high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. Corebridge Financial’s revenue was up 39.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.05 earnings per share. On average, research analysts predict that Corebridge Financial, Inc. will post 4.81 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 3.04%. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Insider Activity

In related news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the transaction, the insider now directly owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. The trade was a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 156,956,256 shares of company stock worth $4,918,263,376. Insiders own 0.08% of the company’s stock.

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.