Intrinsic Value Partners LLC Buys New Shares in Corebridge Financial, Inc. (NYSE:CRBG)

Intrinsic Value Partners LLC purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, HoldingsChannel.com reports. The fund purchased 24,400 shares of the company’s stock, valued at approximately $712,000.

A number of other hedge funds also recently made changes to their positions in the stock. Capital Performance Advisors LLP purchased a new stake in shares of Corebridge Financial during the 3rd quarter worth about $28,000. HM Payson & Co. acquired a new position in Corebridge Financial during the third quarter valued at approximately $29,000. ORG Wealth Partners LLC purchased a new stake in Corebridge Financial during the third quarter worth approximately $29,000. LRI Investments LLC acquired a new stake in shares of Corebridge Financial in the second quarter worth $30,000. Finally, Covestor Ltd raised 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 acquiring an additional 570 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the 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 $8,058,834,596.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.08% of the stock is owned by corporate insiders.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $30.82 on Monday. Corebridge Financial, Inc. has a 52 week low of $18.83 and a 52 week 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 has a market cap of $17.53 billion, a P/E ratio of -14.75, a price-to-earnings-growth ratio of 0.44 and a beta of 0.90. The stock has a 50 day moving average of $29.63 and a 200-day moving average of $29.16.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. The firm had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm’s revenue was up 39.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.05 EPS. On average, analysts expect that Corebridge Financial, Inc. will post 4.7 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a yield of 2.99%. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

Wall Street Analyst Weigh In

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

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.