Chemistry Wealth Management LLC Takes $279,000 Position in Corebridge Financial, Inc. $CRBG

Key Points

• Chemistry Wealth Management LLC acquired $279,000 worth of shares in Corebridge Financial, indicating increasing institutional interest in the company.
• Corebridge Financial announced a quarterly dividend of $0.24 per share, representing an annualized yield of 2.9% despite a negative payout ratio.
• Analysts have set a new average price target of $40.80 for Corebridge Financial, with the stock receiving a "Moderate Buy" rating from multiple brokerages.

Chemistry Wealth Management LLC bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 7,868 shares of the company's stock, valued at approximately $279,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Cetera Investment Advisers lifted its stake in shares of Corebridge Financial by 40.6% in the fourth quarter. Cetera Investment Advisers now owns 20,125 shares of the company's stock valued at $602,000 after purchasing an additional 5,814 shares during the period. Janus Henderson Group PLC acquired a new position in Corebridge Financial during the fourth quarter worth about $760,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Corebridge Financial by 88.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,872 shares of the company's stock worth $2,899,000 after acquiring an additional 45,363 shares during the last quarter. OMERS ADMINISTRATION Corp raised its position in Corebridge Financial by 21.9% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 10,640 shares of the company's stock worth $318,000 after acquiring an additional 1,914 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its position 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 acquiring an additional 748 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the transaction, the insider directly owned 83,896,013 shares of the company's stock, valued at approximately $2,823,100,837.45. The trade was a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.29% of the company's stock.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $33.36 on Monday. 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, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The firm has a 50 day moving average price of $34.48 and a 200 day moving average price of $32.52. The company has a market cap of $17.96 billion, a price-to-earnings ratio of -54.68, a PEG ratio of 0.56 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $4.85 billion. During the same period in the previous year, the firm earned $1.13 earnings per share. Sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's payout ratio is presently -157.38%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CRBG. Barclays cut their target price on shares of Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a research report on Friday, September 5th. JPMorgan Chase & Co. lifted their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. BMO Capital Markets lifted their price target on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Piper Sandler lifted their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $40.80.

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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