Vinva Investment Management Ltd Purchases New Position in Corebridge Financial, Inc. (NYSE:CRBG)

Vinva Investment Management Ltd acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 102,593 shares of the company’s stock, valued at approximately $2,965,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP acquired a new stake in shares of Corebridge Financial during the 3rd quarter worth approximately $28,000. ORG Wealth Partners LLC acquired a new stake in shares of Corebridge Financial in the 3rd quarter valued at approximately $29,000. HM Payson & Co. bought a new position in Corebridge Financial during the 3rd quarter worth approximately $29,000. LRI Investments LLC acquired a new position in Corebridge Financial during the second quarter valued at approximately $30,000. Finally, Covestor Ltd increased its stake in Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after purchasing an additional 570 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

NYSE CRBG opened at $32.41 on Friday. The firm’s 50 day moving average is $30.66 and its 200-day moving average is $29.44. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $18.44 billion, a PE ratio of -15.51, a price-to-earnings-growth ratio of 0.41 and a beta of 0.90. Corebridge Financial, Inc. has a 12-month low of $20.07 and a 12-month high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 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 firm 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 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.78 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 paid a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.84%. Corebridge Financial’s dividend payout ratio is presently -44.02%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CRBG. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday. Piper Sandler reduced their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Morgan Stanley boosted their target price 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 lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Finally, Barclays boosted their price objective 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. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Insider Buying and Selling

In other Corebridge Financial 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 value of $144,300,000.00. Following the sale, the insider now owns 279,238,898 shares in the company, valued at $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 Securities & Exchange Commission, which is available at this link. 0.08% of the stock is owned by corporate insiders.

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.