Burkehill Global Management LP Has $7.89 Million Position in Corebridge Financial, Inc. (NYSE:CRBG)

Key Points

• Burkehill Global Management LP has reduced its stake in Corebridge Financial, Inc. by 50%, selling 250,000 shares, leaving them with a total of 250,000 shares valued at approximately $7.89 million.
• Corebridge Financial recently reported quarterly earnings of $1.36 per share, surpassing analysts' expectations, but had a revenue of $4.42 billion, which was below what was forecasted.
• The company announced a quarterly dividend of $0.24 per share, representing an annualized dividend of $0.96 and a yield of 2.9%, despite a negative payout ratio of -157.38%.

Burkehill Global Management LP decreased its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 50.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 250,000 shares of the company's stock after selling 250,000 shares during the period. Burkehill Global Management LP's holdings in Corebridge Financial were worth $7,892,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. bought a new stake in Corebridge Financial during the fourth quarter valued at $30,000. Point72 Asia Singapore Pte. Ltd. increased 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 valued at $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 valued at $63,000. Golden State Wealth Management LLC bought a new position in shares of Corebridge Financial during the first quarter worth about $75,000. Finally, MetLife Investment Management LLC grew its position in shares of Corebridge Financial by 16.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock worth $155,000 after acquiring an additional 715 shares during the last quarter. Institutional investors own 98.25% of the company's stock.

Insider Activity

In other news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the sale, the insider directly owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CRBG shares. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. JPMorgan Chase & Co. upped their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and upped their price target for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Morgan Stanley upped their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Finally, Wall Street Zen upgraded shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $40.70.

Corebridge Financial Price Performance

Shares of NYSE:CRBG traded down $0.13 during trading hours on Wednesday, hitting $34.12. 1,056,843 shares of the company's stock traded hands, compared to its average volume of 3,288,225. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. 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 fifty day simple moving average is $34.21 and its two-hundred day simple moving average is $32.36. The company has a market cap of $18.37 billion, a price-to-earnings ratio of -55.93, a price-to-earnings-growth ratio of 0.54 and a beta of 1.06.

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

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio is -157.38%.

About Corebridge Financial

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.