Caxton Associates LLP Invests $1.34 Million in Corebridge Financial, Inc. $CRBG

Key Points

• Caxton Associates LLP disclosed a new position in Corebridge Financial, buying 56,180 shares valued at about $1.34 million in the first quarter.
• Corebridge reported Q1 earnings of $1.05 per share, missing analyst expectations, while revenue came in at $4.08 billion versus estimates of $5.06 billion.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of $36.75; the company also pays a quarterly dividend of $0.25 per share for a 3.2% yield.

Caxton Associates LLP purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 56,180 shares of the company's stock, valued at approximately $1,340,000.

A number of other institutional investors have also recently added to or reduced their stakes in CRBG. Sei Investments Co. boosted its stake in Corebridge Financial by 10.2% during the first quarter. Sei Investments Co. now owns 922,629 shares of the company's stock worth $22,014,000 after buying an additional 85,511 shares during the last quarter. State of Wyoming raised its holdings in shares of Corebridge Financial by 16.1% during the 1st quarter. State of Wyoming now owns 5,919 shares of the company's stock worth $141,000 after acquiring an additional 823 shares during the period. Levin Capital Strategies L.P. acquired a new position in shares of Corebridge Financial during the 1st quarter valued at about $1,391,000. First Trust Advisors LP grew its holdings in shares of Corebridge Financial by 53.0% in the first quarter. First Trust Advisors LP now owns 593,627 shares of the company's stock valued at $14,164,000 after purchasing an additional 205,557 shares during the period. Finally, Oslo Pensjonsforsikring AS purchased a new stake in shares of Corebridge Financial in the first quarter valued at about $259,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Up 1.4%

NYSE:CRBG opened at $31.28 on Friday. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The stock's fifty day moving average is $28.90 and its two-hundred day moving average is $27.94. The stock has a market capitalization of $13.95 billion, a price-to-earnings ratio of 56.88, a price-to-earnings-growth ratio of 0.39 and a beta of 1.10. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The firm had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period in the previous year, the firm posted $1.16 earnings per share. Research analysts anticipate that Corebridge Financial, Inc. will post 4.55 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were paid a $0.25 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.2%. Corebridge Financial's payout ratio is 181.82%.

Wall Street Analysts Forecast Growth

CRBG has been the topic of several recent analyst reports. TD Cowen boosted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday. Zacks Research upgraded Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Barclays increased their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods lifted their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an "outperform" rating in a research report on Monday, July 13th. Finally, JPMorgan Chase & Co. lowered their price target on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating for the company in a report on Tuesday, May 12th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $36.75.

Insider Transactions at Corebridge Financial

In related news, insider David Ditillo sold 4,250 shares of the business's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $30.00, for a total transaction of $127,500.00. Following the completion of the transaction, the insider directly owned 128,153 shares of the company's stock, valued at $3,844,590. The trade was a 3.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.29% of the company's stock.

Corebridge Financial Profile

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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