Symmetry Investments LP Makes New $1.46 Million Investment in Corebridge Financial, Inc. (NYSE:CRBG)

Symmetry Investments LP bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 50,000 shares of the company’s stock, valued at approximately $1,456,000.

Several other hedge funds have also made changes to their positions in CRBG. Riverview Trust Co acquired a new stake in Corebridge Financial in the first quarter valued at about $25,000. LRI Investments LLC purchased a new stake in shares of Corebridge Financial during the 2nd quarter valued at $30,000. ORG Partners LLC acquired a new position in shares of Corebridge Financial during the 2nd quarter valued at $32,000. Fifth Third Bancorp acquired a new position in shares of Corebridge Financial during the 2nd quarter valued at $54,000. Finally, Deseret Mutual Benefit Administrators lifted its holdings in shares of Corebridge Financial by 73.2% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock valued at $60,000 after acquiring an additional 877 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Barclays began coverage on shares of Corebridge Financial in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price objective for the company. Jefferies Financial Group lifted their target price on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. UBS Group lifted their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Finally, Bank of America cut their price objective on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $33.62.

Corebridge Financial Trading Down 0.4 %

Shares of CRBG opened at $27.88 on Friday. The business’s 50-day moving average price is $28.04 and its 200 day moving average price is $28.25. The stock has a market capitalization of $16.96 billion, a P/E ratio of 7.34, a P/E/G ratio of 0.35 and a beta of 0.97. Corebridge Financial, Inc. has a 1-year low of $18.83 and a 1-year 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 0.97.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The firm had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter last year, the business posted $1.04 EPS. Analysts expect that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.23 per share. The ex-dividend date is Monday, September 16th. This represents a $0.92 annualized dividend and a yield of 3.30%. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 1,932,609 shares of Corebridge Financial stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the sale, the insider now directly owns 292,271,027 shares in the company, valued at approximately $8,534,313,988.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold a total of 14,964,738 shares of company stock valued at $400,732,195 in the last 90 days. 0.09% of the stock is currently owned by corporate 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.