21,522 Shares in Corebridge Financial, Inc. (NYSE:CRBG) Purchased by Sanctuary Advisors LLC

Sanctuary Advisors LLC purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 21,522 shares of the company’s stock, valued at approximately $683,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Corebridge Financial during the third quarter worth $27,000. Capital Performance Advisors LLP bought a new stake in Corebridge Financial during the 3rd quarter valued at about $28,000. ORG Wealth Partners LLC purchased a new stake in Corebridge Financial in the 3rd quarter valued at about $29,000. HM Payson & Co. bought a new position in Corebridge Financial in the 3rd quarter worth about $29,000. Finally, Covestor Ltd increased its position in shares of Corebridge Financial by 118.8% during the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after acquiring an additional 570 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Up 0.9 %

Shares of CRBG stock opened at $30.05 on Wednesday. The stock’s fifty day moving average price is $31.23 and its 200 day moving average price is $29.52. Corebridge Financial, Inc. has a 1-year low of $21.50 and a 1-year high of $34.66. The company has a market cap of $17.09 billion, a price-to-earnings ratio of -14.38, a price-to-earnings-growth ratio of 0.39 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.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $5.66 billion. During the same period last year, the business earned $1.05 EPS. Corebridge Financial’s revenue for the quarter was up 39.5% on a year-over-year basis. On average, research analysts expect that Corebridge Financial, Inc. will post 4.81 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the transaction, the insider now owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.08% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRBG. Piper Sandler boosted their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. TD Cowen upped their target price on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Morgan Stanley raised their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Barclays boosted their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.08.

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.