Covestor Ltd Boosts Position in Corebridge Financial, Inc. (NYSE:CRBG)

Covestor Ltd grew its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 118.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,050 shares of the company’s stock after buying an additional 570 shares during the period. Covestor Ltd’s holdings in Corebridge Financial were worth $31,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CRBG. Capital Performance Advisors LLP bought a new stake in shares of Corebridge Financial during the third quarter valued at approximately $28,000. ORG Wealth Partners LLC bought a new stake in shares of Corebridge Financial during the third quarter valued at approximately $29,000. HM Payson & Co. bought a new stake in shares of Corebridge Financial during the third quarter valued at approximately $29,000. LRI Investments LLC bought a new stake in shares of Corebridge Financial during the second quarter valued at approximately $30,000. Finally, ORG Partners LLC bought a new stake in shares of Corebridge Financial during the second quarter valued at approximately $32,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corebridge Financial

In other Corebridge Financial 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 in the company, valued at $8,058,834,596.28. This represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $30.46 on Friday. The stock has a market cap of $17.33 billion, a PE ratio of -14.57, a price-to-earnings-growth ratio of 0.39 and a beta of 0.90. The business has a 50-day simple moving average of $29.80 and a 200-day simple moving average of $29.25. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial, Inc. has a 52-week low of $19.26 and a 52-week high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the firm posted $1.05 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. On average, equities analysts expect that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 3.02%. Corebridge Financial’s dividend payout ratio (DPR) is currently -44.02%.

Wall Street Analysts Forecast Growth

CRBG has been the topic of several research reports. Morgan Stanley lifted their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Piper Sandler dropped their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Royal Bank of Canada dropped their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Barclays boosted their target price on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Finally, TD Cowen assumed coverage on Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 target price on the stock. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.85.

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.