ExodusPoint Capital Management LP Makes New Investment in Corebridge Financial, Inc. (NYSE:CRBG)

ExodusPoint Capital Management LP purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 126,065 shares of the company’s stock, valued at approximately $3,773,000.

Several other large investors have also recently modified their holdings of CRBG. Fortitude Family Office LLC bought a new stake in Corebridge Financial during the 4th quarter valued at about $27,000. Smartleaf Asset Management LLC grew its holdings in shares of Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after buying an additional 480 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Corebridge Financial during the fourth quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Corebridge Financial during the third quarter valued at approximately $27,000. Finally, Blue Trust Inc. raised its holdings in Corebridge Financial by 183.2% in the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock worth $33,000 after acquiring an additional 729 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $25.62 on Monday. The stock has a 50-day simple moving average of $32.48 and a two-hundred day simple moving average of $31.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. Corebridge Financial, Inc. has a 52-week low of $23.97 and a 52-week high of $35.36. The firm has a market capitalization of $14.25 billion, a PE ratio of 6.78, a P/E/G ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. Analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 3.75%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio is currently 25.40%.

Analyst Ratings Changes

CRBG has been the subject of several recent analyst reports. Piper Sandler boosted their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 2nd. BMO Capital Markets began coverage on Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price for the company. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a report on Monday, January 6th. UBS Group cut shares of Corebridge Financial from a “buy” rating to a “sell” rating and decreased their price objective for the company from $40.00 to $28.00 in a report on Wednesday, April 2nd. Finally, Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $35.00 to $43.00 in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

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.