Qsemble Capital Management LP Makes New $2.37 Million Investment in Corebridge Financial, Inc. (NYSE:CRBG)

Qsemble Capital Management LP bought a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm bought 81,265 shares of the company’s stock, valued at approximately $2,370,000.

Other large investors have also made changes to their positions in the company. O Shaughnessy Asset Management LLC increased its position in Corebridge Financial by 5.9% during the first quarter. O Shaughnessy Asset Management LLC now owns 17,511 shares of the company’s stock worth $503,000 after purchasing an additional 978 shares during the last quarter. UniSuper Management Pty Ltd purchased a new stake in Corebridge Financial in the first quarter valued at $103,000. Toronto Dominion Bank purchased a new position in shares of Corebridge Financial during the 1st quarter worth $646,000. Public Employees Retirement Association of Colorado acquired a new stake in shares of Corebridge Financial during the 1st quarter worth about $751,000. Finally, California State Teachers Retirement System raised its holdings in Corebridge Financial by 772.7% in the 1st quarter. California State Teachers Retirement System now owns 331,471 shares of the company’s stock valued at $9,523,000 after buying an additional 293,487 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

CRBG stock opened at $31.86 on Tuesday. 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 company has a market capitalization of $18.12 billion, a P/E ratio of -15.24, a PEG ratio of 0.41 and a beta of 0.90. Corebridge Financial, Inc. has a twelve month low of $20.07 and a twelve month high of $34.66. The business has a 50 day simple moving average of $30.36 and a 200-day simple moving average of $29.38.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to analysts’ expectations 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 firm earned $1.05 EPS. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 4.78 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 2.89%. Corebridge Financial’s dividend payout ratio is presently -44.02%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the transaction, the insider now directly owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.08% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

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.