AlphaQuest LLC Buys 15,062 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• AlphaQuest LLC significantly increased its holdings in Corebridge Financial by 551.7% in Q1, acquiring an additional 15,062 shares, bringing its total investment to $562,000.
• Several institutional investors, including Pzena Investment Management and Truist Financial Corp, also boosted their stakes in Corebridge Financial during the same period, indicating strong interest from hedge funds.
• Corebridge Financial's stock recently received multiple upgrades from analysts, with target prices increased by firms like Wells Fargo and Barclays, reflecting positive market sentiment about the company's performance.

AlphaQuest LLC increased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 551.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,792 shares of the company's stock after buying an additional 15,062 shares during the quarter. AlphaQuest LLC's holdings in Corebridge Financial were worth $562,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Sunbelt Securities Inc. bought a new stake in Corebridge Financial during the fourth quarter worth $30,000. Brooklyn Investment Group lifted its stake in Corebridge Financial by 66.7% during the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after purchasing an additional 581 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its stake in Corebridge Financial by 80.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after purchasing an additional 748 shares during the last quarter. Quarry LP bought a new stake in Corebridge Financial during the fourth quarter worth $63,000. Finally, Golden State Wealth Management LLC bought a new stake in Corebridge Financial during the first quarter worth $75,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Morgan Stanley upped their target price on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. JPMorgan Chase & Co. upped their target price on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Wells Fargo & Company upped their target price on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, BMO Capital Markets upped their target price on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and a consensus price target of $40.70.

Corebridge Financial Price Performance

Shares of CRBG traded down $0.13 during trading hours on Friday, reaching $34.77. The stock had a trading volume of 1,565,215 shares, compared to its average volume of 4,790,795. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The stock has a market capitalization of $18.72 billion, a PE ratio of -56.99, a PEG ratio of 0.59 and a beta of 1.06. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The company's 50-day moving average is $34.67 and its two-hundred day moving average is $32.48.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $4.85 billion. During the same period in the prior year, the company earned $1.13 EPS. Research analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the transaction, the insider directly owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by corporate 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.