Sandia Investment Management LP Grows Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Sandia Investment Management LP boosted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 233.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 25,000 shares of the company’s stock after purchasing an additional 17,500 shares during the quarter. Corebridge Financial makes up 1.0% of Sandia Investment Management LP’s portfolio, making the stock its 29th biggest holding. Sandia Investment Management LP’s holdings in Corebridge Financial were worth $728,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Corebridge Financial by 39.0% during the 4th quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock worth $513,626,000 after purchasing an additional 6,648,673 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in Corebridge Financial by 106.3% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock worth $216,831,000 after buying an additional 5,157,570 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Corebridge Financial in the fourth quarter worth $105,728,000. Canada Pension Plan Investment Board lifted its position in shares of Corebridge Financial by 249.3% in the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after acquiring an additional 4,507,322 shares in the last quarter. Finally, Donald Smith & CO. Inc. acquired a new stake in shares of Corebridge Financial during the first quarter valued at $89,013,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 1,932,609 shares of Corebridge Financial stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the sale, the insider now owns 292,271,027 shares of the company’s stock, valued at approximately $8,534,313,988.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have sold 14,964,738 shares of company stock worth $400,732,195. 0.09% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Royal Bank of Canada reduced their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Barclays started coverage on Corebridge Financial in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 price target for the company. Morgan Stanley decreased their price objective on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Finally, UBS Group upped their target price on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $33.62.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $28.80 on Wednesday. The business has a 50-day moving average of $28.02 and a two-hundred day moving average of $28.34. The firm has a market capitalization of $17.52 billion, a PE ratio of 7.58, a P/E/G ratio of 0.35 and a beta of 0.97. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial, Inc. has a 12 month low of $18.83 and a 12 month high of $34.66.

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

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Corebridge Financial 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.