Dark Forest Capital Management LP Acquires 13,438 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Dark Forest Capital Management LP lifted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 37.0% during the second quarter, HoldingsChannel reports. The firm owned 49,799 shares of the company’s stock after acquiring an additional 13,438 shares during the quarter. Dark Forest Capital Management LP’s holdings in Corebridge Financial were worth $1,450,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. increased its stake in Corebridge Financial by 3.2% during the 4th quarter. Principal Financial Group Inc. now owns 92,524 shares of the company’s stock worth $2,004,000 after purchasing an additional 2,828 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $514,000. Corient Private Wealth LLC bought a new stake in shares of Corebridge Financial during the fourth quarter worth $1,599,000. Hsbc Holdings PLC raised its holdings in shares of Corebridge Financial by 604.1% during the fourth quarter. Hsbc Holdings PLC now owns 130,926 shares of the company’s stock worth $2,833,000 after acquiring an additional 112,330 shares during the period. Finally, TD Asset Management Inc lifted its position in Corebridge Financial by 36.4% in the 4th quarter. TD Asset Management Inc now owns 7,163,931 shares of the company’s stock valued at $155,171,000 after acquiring an additional 1,910,981 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Down 1.5 %

Corebridge Financial stock opened at $28.37 on Thursday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The company’s 50-day moving average is $27.97 and its 200-day moving average is $28.37. The firm has a market capitalization of $16.80 billion, a PE ratio of 7.47, a P/E/G ratio of 0.39 and a beta of 0.97. Corebridge Financial, Inc. has a fifty-two week low of $18.83 and a fifty-two week high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced 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 the consensus estimate of $5.73 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.73 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.24%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s dividend payout ratio is 24.21%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Jefferies Financial Group increased their target price on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Morgan Stanley decreased their price objective on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. JPMorgan Chase & Co. boosted their target price on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, July 2nd. Bank of America decreased their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Finally, Barclays initiated coverage on shares of Corebridge Financial in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $33.62.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the transaction, the insider now directly owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 14,964,738 shares of company stock valued at $400,732,195 over the last ninety days. 0.09% of the stock is currently owned by company insiders.

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.