Sculptor Capital LP Invests $6.60 Million in Corebridge Financial, Inc. $CRBG

Sculptor Capital LP bought a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the fourth quarter, HoldingsChannel.com reports. The fund bought 218,741 shares of the company’s stock, valued at approximately $6,599,000.

A number of other institutional investors have also recently modified their holdings of CRBG. Goldman Sachs Group Inc. grew its stake in shares of Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after acquiring an additional 905,918 shares during the last quarter. Focus Partners Wealth purchased a new stake in shares of Corebridge Financial in the first quarter worth $384,000. Creative Planning purchased a new stake in shares of Corebridge Financial in the second quarter worth $243,000. EverSource Wealth Advisors LLC grew its stake in shares of Corebridge Financial by 58.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock worth $162,000 after acquiring an additional 1,688 shares during the last quarter. Finally, Cerity Partners LLC grew its stake in shares of Corebridge Financial by 64.4% in the second quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock worth $3,286,000 after acquiring an additional 36,239 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Trading Up 2.2%

Shares of NYSE:CRBG opened at $29.38 on Tuesday. The company has a market cap of $13.42 billion, a P/E ratio of 53.42, a PEG ratio of 0.32 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.57. The stock’s fifty day moving average price is $26.75 and its 200-day moving average price is $28.02.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period in the previous year, the company earned $1.16 earnings per share. Sell-side analysts expect that Corebridge Financial, Inc. will post 4.81 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is presently 181.82%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Wells Fargo & Company increased their target price on Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Keefe, Bruyette & Woods upped their price target on Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. TD Cowen lowered their price target on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Mizuho upped their price target on Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Finally, Piper Sandler lowered their price target on Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $35.17.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.