Corebridge Financial, Inc. (NYSE:CRBG) Shares Purchased by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board raised its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 28.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,739 shares of the company’s stock after acquiring an additional 4,822 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Corebridge Financial were worth $634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in CRBG. Capital Performance Advisors LLP acquired a new position in Corebridge Financial in the third quarter valued at $28,000. HM Payson & Co. purchased a new position in shares of Corebridge Financial during the third quarter worth about $29,000. ORG Wealth Partners LLC purchased a new stake in Corebridge Financial during the 3rd quarter valued at approximately $29,000. LRI Investments LLC acquired a new stake in Corebridge Financial during the 2nd quarter worth approximately $30,000. Finally, Covestor Ltd grew its stake in shares of Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after purchasing an additional 570 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 5,000,000 shares of the business’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 value of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. The trade was a 1.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

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

Corebridge Financial Stock Performance

Shares of CRBG opened at $31.47 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a 1 year low of $19.90 and a 1 year high of $34.66. The firm has a fifty day moving average of $30.18 and a 200-day moving average of $29.37. The company has a market cap of $17.90 billion, a price-to-earnings ratio of -15.06, a price-to-earnings-growth ratio of 0.39 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same period last year, the company earned $1.05 earnings per share. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.92%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend 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.