Ieq Capital LLC Buys 163,913 Shares of Corebridge Financial, Inc. $CRBG

Ieq Capital LLC increased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 359.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 209,454 shares of the company’s stock after purchasing an additional 163,913 shares during the quarter. Ieq Capital LLC’s holdings in Corebridge Financial were worth $6,612,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Sunbelt Securities Inc. bought a new position in shares of Corebridge Financial during the 4th quarter valued at approximately $30,000. Brooklyn Investment Group increased its position in shares of Corebridge Financial by 66.7% during the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after purchasing an additional 581 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Corebridge Financial by 80.2% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company’s stock valued at $50,000 after purchasing an additional 748 shares during the last quarter. Quarry LP bought a new position in shares of Corebridge Financial during the 4th quarter valued at approximately $63,000. Finally, Golden State Wealth Management LLC bought a new position in Corebridge Financial in the 1st quarter valued at $75,000. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $34.89 on Friday. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The stock has a market capitalization of $18.79 billion, a price-to-earnings ratio of -57.20, a P/E/G ratio of 0.59 and a beta of 1.06. The stock has a fifty day simple moving average of $34.63 and a two-hundred day simple moving average of $32.46. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The business had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same period in the prior year, the business earned $1.13 EPS. On average, analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial’s dividend payout ratio is currently -157.38%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Barclays upped their price objective on Corebridge Financial from $38.00 to $45.00 and gave the company an “overweight” rating in a research report on Thursday, June 26th. UBS Group raised Corebridge Financial from a “sell” rating to a “neutral” rating and upped their price objective for the company from $28.00 to $37.00 in a research report on Friday, July 11th. Piper Sandler upped their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Thursday, July 3rd. Wall Street Zen raised Corebridge Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Finally, Keefe, Bruyette & Woods upped their price objective on Corebridge Financial from $39.00 to $42.00 and gave the company an “outperform” rating in a research report on Wednesday, July 9th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.70.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the sale, the insider directly owned 83,896,013 shares in the company, valued at $2,823,100,837.45. This represents a 26.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.29% 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.