Entropy Technologies LP Takes Position in Corebridge Financial, Inc. (NYSE:CRBG)

Entropy Technologies LP bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the third quarter, HoldingsChannel reports. The firm bought 21,500 shares of the company’s stock, valued at approximately $627,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new position in Corebridge Financial during the 3rd quarter valued at approximately $28,000. HM Payson & Co. bought a new stake in shares of Corebridge Financial in the third quarter worth $29,000. ORG Wealth Partners LLC bought a new stake in shares of Corebridge Financial in the third quarter worth $29,000. LRI Investments LLC bought a new stake in shares of Corebridge Financial in the second quarter worth $30,000. Finally, Covestor Ltd grew its holdings in shares of Corebridge Financial by 118.8% in 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. Institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on CRBG. Morgan Stanley lifted their price objective on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Barclays lifted their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. TD Cowen assumed coverage on Corebridge Financial in a research report on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price on the stock. Piper Sandler lowered their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada lowered their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $34.85.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the transaction, the insider now owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.08% of the stock is currently owned by insiders.

Corebridge Financial Trading Down 0.8 %

Shares of CRBG stock opened at $30.53 on Friday. Corebridge Financial, Inc. has a 12-month low of $19.26 and a 12-month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The stock’s 50-day moving average price is $29.74 and its 200-day moving average price is $29.24. The stock has a market capitalization of $17.36 billion, a price-to-earnings ratio of -14.61, a price-to-earnings-growth ratio of 0.40 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the previous year, the firm posted $1.05 earnings per share. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. Equities research analysts predict that Corebridge Financial, Inc. will post 4.76 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 3.01%. Corebridge Financial’s payout ratio is currently -44.02%.

Corebridge Financial Company 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.