Cinctive Capital Management LP Trims Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• Cinctive Capital Management LP significantly reduced its holdings in Corebridge Financial, selling 153,846 shares and now owning 97,418 shares, representing a 61.2% decrease during the first quarter.
• Several analysts have upgraded their price targets for Corebridge Financial, with Wells Fargo leading by raising its target from $37 to $42, indicating a positive outlook on the stock.
• Corebridge Financial recently declared a quarterly dividend of $0.24, with a payout ratio of -157.38%, reflecting that the company's payouts exceed its earnings.

Cinctive Capital Management LP reduced its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 61.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 97,418 shares of the company's stock after selling 153,846 shares during the period. Cinctive Capital Management LP's holdings in Corebridge Financial were worth $3,075,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CRBG. Vanguard Group Inc. boosted its position in Corebridge Financial by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock valued at $765,571,000 after buying an additional 324,692 shares during the period. AQR Capital Management LLC increased 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 purchasing an additional 2,780,764 shares in the last quarter. Pzena Investment Management LLC increased its stake in Corebridge Financial by 73.6% during the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after purchasing an additional 3,412,147 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Corebridge Financial by 6.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock valued at $184,034,000 after acquiring an additional 372,270 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Corebridge Financial by 34.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 4,803,433 shares of the company's stock worth $143,767,000 after buying an additional 1,235,796 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Performance

Shares of NYSE CRBG traded down $0.11 during trading hours on Wednesday, reaching $33.28. The stock had a trading volume of 599,441 shares, compared to its average volume of 3,269,544. The business's fifty day moving average is $34.61 and its two-hundred day moving average is $32.51. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market cap of $17.92 billion, a price-to-earnings ratio of -54.51, a PEG ratio of 0.56 and a beta of 1.06. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57.

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

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a $0.24 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 2.9%. Corebridge Financial's payout ratio is -157.38%.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the business's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the completion of the transaction, the insider owned 82,711,853 shares of the company's stock, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRBG. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their price target for the company from $28.00 to $37.00 in a research report on Friday, July 11th. BMO Capital Markets increased their price objective 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 objective on shares of 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 lifted their price objective 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. Finally, Morgan Stanley boosted their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $40.80.

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.