16,350 Shares in Corebridge Financial, Inc. $CRBG Acquired by Callan Family Office LLC

Key Points

• Callan Family Office LLC has acquired 16,350 shares of Corebridge Financial, Inc. (CRBG), valued at approximately $580,000, while several other hedge funds have also significantly increased their positions in the company.
• Corebridge Financial reported earnings of $1.36 per share for the last quarter, exceeding expectations, but had revenue of $4.42 billion, below analysts' forecasts of $4.85 billion.
• The company declared a quarterly dividend of $0.24 per share, representing a 2.9% dividend yield with a current payout ratio of -157.38%.

Callan Family Office LLC purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 16,350 shares of the company's stock, valued at approximately $580,000.

Several other hedge funds have also made changes to their positions in CRBG. Pzena Investment Management LLC lifted its holdings in shares of Corebridge Financial by 73.6% in the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after purchasing an additional 3,412,147 shares during the last quarter. Nuveen LLC bought a new stake in Corebridge Financial during the 1st quarter valued at $100,404,000. AQR Capital Management LLC raised its stake in Corebridge Financial by 50.0% during the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock valued at $258,880,000 after acquiring an additional 2,780,764 shares in the last quarter. Truist Financial Corp raised its stake in Corebridge Financial by 2,686.2% during the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock valued at $49,109,000 after acquiring an additional 1,499,733 shares in the last quarter. Finally, LSV Asset Management raised its stake in Corebridge Financial by 51.3% during the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock valued at $136,920,000 after acquiring an additional 1,470,812 shares in the last quarter. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Up 3.2%

Shares of CRBG stock opened at $32.56 on Wednesday. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The stock has a market cap of $17.53 billion, a PE ratio of -53.37, a price-to-earnings-growth ratio of 0.55 and a beta of 1.02. The business's fifty day moving average is $33.34 and its 200-day moving average is $32.53. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The company had revenue of $4.42 billion for the quarter, compared to analysts' expectations of $4.85 billion. During the same period last year, the firm earned $1.13 EPS. Equities analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Tuesday, September 16th. Corebridge Financial's payout ratio is presently -157.38%.

Analyst Ratings Changes

Several analysts have weighed in on CRBG shares. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Corebridge Financial in a research note on Wednesday, October 8th. UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their target price for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Piper Sandler lifted their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Keefe, Bruyette & Woods cut their target price on Corebridge Financial from $42.00 to $41.00 and set an "outperform" rating on the stock in a research note on Thursday, October 9th. Finally, Wells Fargo & Company lifted their target price on Corebridge Financial from $42.00 to $44.00 and gave the company an "overweight" rating in a research note on Wednesday, October 8th. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.91.

Insider Activity

In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the transaction, the insider directly owned 83,896,013 shares in the company, valued at $2,823,100,837.45. The trade was a 26.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is owned by insiders.

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.

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