Public Sector Pension Investment Board Acquires 3,200 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Public Sector Pension Investment Board raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 9.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,861 shares of the company’s stock after purchasing an additional 3,200 shares during the quarter. Public Sector Pension Investment Board’s holdings in Corebridge Financial were worth $1,046,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRBG. Canada Pension Plan Investment Board increased its stake in shares of 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. Marshall Wace LLP lifted its holdings in shares of Corebridge Financial by 201.1% during the second quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock worth $116,723,000 after buying an additional 2,677,105 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Corebridge Financial by 150.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock valued at $103,707,000 after acquiring an additional 2,137,594 shares during the period. AQR Capital Management LLC grew its stake in shares of Corebridge Financial by 40.3% in the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock valued at $129,961,000 after acquiring an additional 1,282,154 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its stake in shares of Corebridge Financial by 158.7% in the second quarter. Point72 Asset Management L.P. now owns 1,445,594 shares of the company’s stock valued at $42,096,000 after acquiring an additional 886,794 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Price Performance

CRBG stock opened at $31.95 on Friday. The stock has a market cap of $18.18 billion, a price-to-earnings ratio of -15.29, a P/E/G ratio of 0.41 and a beta of 0.86. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The company has a 50 day simple moving average of $31.10 and a 200 day simple moving average of $29.50. Corebridge Financial, Inc. has a 1 year low of $20.11 and a 1 year high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the business earned $1.05 earnings per share. The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. Research analysts anticipate that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the sale, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

CRBG has been the subject of a number of recent research reports. Piper Sandler cut their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. TD Cowen lifted their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Morgan Stanley increased 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. Finally, Barclays boosted their price target on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $35.00.

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.