Versor Investments LP Raises Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Versor Investments LP increased its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 26.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 26,800 shares of the company’s stock after acquiring an additional 5,600 shares during the quarter. Versor Investments LP’s holdings in Corebridge Financial were worth $781,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Covestor Ltd increased its position in shares of 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 acquiring an additional 570 shares during the period. The Manufacturers Life Insurance Company raised its position in Corebridge Financial by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after purchasing an additional 585 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Corebridge Financial by 2.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after buying an additional 597 shares during the period. Xponance Inc. grew its position in shares of Corebridge Financial by 3.0% during the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after buying an additional 612 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its holdings in shares of Corebridge Financial by 3.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock valued at $740,000 after acquiring an additional 770 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on CRBG shares. TD Cowen initiated coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price on the stock. 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 research note on Tuesday, November 5th. Morgan Stanley upped their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Royal Bank of Canada reduced their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Piper Sandler decreased their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.85.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the sale, the insider now directly owns 249,238,898 shares of the company’s stock, valued at approximately $7,776,253,617.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Down 1.0 %

NYSE:CRBG opened at $30.68 on Wednesday. The company’s 50 day moving average is $29.66 and its two-hundred day moving average is $29.21. The company has a market cap of $17.45 billion, a PE ratio of -14.82, a P/E/G ratio of 0.40 and a beta of 0.90. Corebridge Financial, Inc. has a twelve month low of $19.09 and a twelve month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm’s revenue was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.05 EPS. Analysts anticipate that Corebridge Financial, Inc. will post 4.74 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is presently -44.02%.

Corebridge Financial Company 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.