Versor Investments LP Purchases 5,600 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Versor Investments LP boosted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 26.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,800 shares of the company’s stock after acquiring an additional 5,600 shares during the quarter. Versor Investments LP’s holdings in Corebridge Financial were worth $781,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Capital Research Global Investors increased its position in shares of Corebridge Financial by 9.9% during the 1st quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock valued at $972,257,000 after purchasing an additional 3,059,354 shares during the last quarter. Vanguard Group Inc. raised its position in Corebridge Financial by 6.0% in the first quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock worth $721,938,000 after acquiring an additional 1,415,265 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Corebridge Financial by 2.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 10,199,075 shares of the company’s stock worth $296,997,000 after acquiring an additional 227,973 shares during the last quarter. TD Asset Management Inc grew its position in shares of Corebridge Financial by 0.5% during the 2nd quarter. TD Asset Management Inc now owns 7,426,483 shares of the company’s stock valued at $216,259,000 after acquiring an additional 37,269 shares during the period. Finally, Canada Pension Plan Investment Board raised its holdings in Corebridge Financial by 249.3% in the 2nd 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. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Morgan Stanley upped their price target on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Piper Sandler decreased their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Royal Bank of Canada dropped their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Barclays lifted their target price on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, TD Cowen assumed coverage on Corebridge Financial in a research note on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price target for the company. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $34.85.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction 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 completion of the transaction, the insider now directly owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Down 1.0 %

Shares of CRBG opened at $30.68 on Wednesday. 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 stock has a market capitalization of $17.45 billion, a price-to-earnings ratio of -14.82, a price-to-earnings-growth ratio of 0.40 and a beta of 0.90. Corebridge Financial, Inc. has a 1 year low of $19.09 and a 1 year high of $34.66. The business’s 50 day simple moving average is $29.66 and its 200-day simple moving average is $29.21.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, November 4th. The company reported $1.38 earnings per share 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 firm had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the firm posted $1.05 EPS. The business’s quarterly revenue was up 39.5% on a year-over-year basis. As a group, equities analysts expect that Corebridge Financial, Inc. will post 4.74 earnings per share 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. Stockholders of record on Tuesday, December 17th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

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.