CTC Alternative Strategies Ltd. Acquires New Position in Corebridge Financial, Inc. (NYSE:CRBG)

CTC Alternative Strategies Ltd. acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 7,973 shares of the company’s stock, valued at approximately $232,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Corebridge Financial in the third quarter valued at approximately $27,000. Capital Performance Advisors LLP bought a new stake in Corebridge Financial in the 3rd quarter valued at $28,000. ORG Wealth Partners LLC bought a new stake in Corebridge Financial in the 3rd quarter valued at $29,000. HM Payson & Co. bought a new stake in shares of Corebridge Financial in the 3rd quarter worth about $29,000. Finally, LRI Investments LLC bought a new stake in shares of Corebridge Financial in the 2nd quarter worth about $30,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the sale, the insider now owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.08% of the company’s stock.

Corebridge Financial Price Performance

NYSE:CRBG opened at $31.95 on Friday. The firm has a fifty day simple moving average of $31.10 and a 200 day simple moving average of $29.50. Corebridge Financial, Inc. has a 1-year low of $20.11 and a 1-year high of $34.66. The stock has a market capitalization of $18.18 billion, a PE ratio of -15.29, a P/E/G ratio of 0.41 and a beta of 0.86. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the firm posted $1.05 EPS. The company’s quarterly revenue was up 39.5% on a year-over-year basis. On average, research analysts expect that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders 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 yield of 2.88%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is -44.02%.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of research analyst reports. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. TD Cowen upped their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Morgan Stanley increased their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. 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 research note on Wednesday, October 2nd. Finally, Barclays increased their target price on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

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.