SG Americas Securities LLC Boosts Stake in Corebridge Financial, Inc. (NYSE:CRBG)

SG Americas Securities LLC lifted its position in Corebridge Financial, Inc. (NYSE:CRBG) by 113.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 189,561 shares of the company’s stock after purchasing an additional 100,778 shares during the quarter. SG Americas Securities LLC’s holdings in Corebridge Financial were worth $5,674,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Corebridge Financial during the third quarter worth $27,000. Fortitude Family Office LLC acquired a new stake in shares of Corebridge Financial during the 4th quarter worth about $27,000. FNY Investment Advisers LLC purchased a new stake in shares of Corebridge Financial during the 4th quarter worth approximately $27,000. Capital Performance Advisors LLP purchased a new position in shares of Corebridge Financial during the third quarter worth about $28,000. Finally, ORG Wealth Partners LLC acquired a new position in Corebridge Financial during the third quarter worth approximately $29,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the transaction, the insider now owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % 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 owned by company insiders.

Analysts Set New Price Targets

CRBG has been the topic of a number of analyst reports. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and increased their target price for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Morgan Stanley increased their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. TD Cowen boosted their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus price target of $36.43.

Corebridge Financial Trading Up 1.8 %

NYSE CRBG opened at $33.22 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial, Inc. has a 52 week low of $23.01 and a 52 week high of $34.66. The business has a 50 day moving average price of $30.97 and a 200-day moving average price of $29.79. The company has a market cap of $18.90 billion, a price-to-earnings ratio of -15.89, a P/E/G ratio of 0.36 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 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 company posted $1.05 earnings per share. The firm’s quarterly revenue was up 39.5% compared to the same quarter last year. As a group, equities analysts expect that Corebridge Financial, Inc. will post 4.8 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

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.