Deerfield Management Company L.P. Series C Invests $500,000 in Corebridge Financial, Inc. (NYSE:CRBG)

Deerfield Management Company L.P. Series C purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 17,168 shares of the company’s stock, valued at approximately $500,000.

A number of other hedge funds have also made changes to their positions in CRBG. Vanguard Group Inc. lifted its stake in shares of Corebridge Financial by 39.0% in the fourth quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock worth $513,626,000 after buying an additional 6,648,673 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Corebridge Financial by 106.3% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after purchasing an additional 5,157,570 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Corebridge Financial during the fourth quarter worth about $105,728,000. Canada Pension Plan Investment Board raised its stake in Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after purchasing an additional 4,507,322 shares during the period. Finally, Donald Smith & CO. Inc. acquired a new position in Corebridge Financial in the 1st quarter valued at about $89,013,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total value 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 14,964,738 shares of company stock valued at $400,732,195 in the last three months. 0.09% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CRBG shares. JPMorgan Chase & Co. lifted their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Barclays initiated coverage on Corebridge Financial in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 target price on the stock. Bank of America cut their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Royal Bank of Canada decreased their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Morgan Stanley lowered their target price on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.62.

Corebridge Financial Stock Down 0.2 %

Shares of CRBG opened at $28.90 on Friday. The company’s 50-day simple moving average is $27.95 and its 200-day simple moving average is $28.40. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a 1 year low of $18.83 and a 1 year high of $34.66. The stock has a market capitalization of $17.11 billion, a PE ratio of 7.61, a P/E/G ratio of 0.39 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last released 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 company had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same period in the prior year, the business earned $1.04 EPS. Analysts forecast that Corebridge Financial, Inc. will post 4.73 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a yield of 3.18%. 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.