Corebridge Financial, Inc. $CRBG Position Increased by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital increased its Corebridge Financial position by 613.8% in the first quarter, adding 244,677 shares to own 284,538 shares worth approximately $6.8 million. Institutional investors collectively own 98.25% of CRBG.
• Corebridge shares opened at $31.20, above their 50-day and 200-day moving averages, while the company recently reported quarterly EPS of $1.05, slightly below the $1.07 consensus estimate, and revenue of $4.08 billion versus $5.06 billion expected.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $36.75; recent targets range from $36 at JPMorgan to $45 at Jefferies. An insider separately sold 4,250 shares under a pre-arranged trading plan.

Arrowstreet Capital Limited Partnership boosted its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 613.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 284,538 shares of the company's stock after buying an additional 244,677 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.06% of Corebridge Financial worth $6,789,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CRBG. Norges Bank acquired a new position in shares of Corebridge Financial in the 4th quarter valued at $611,550,000. State Street Corp lifted its stake in Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company's stock valued at $340,791,000 after buying an additional 3,465,371 shares in the last quarter. Pzena Investment Management LLC boosted its holdings in shares of Corebridge Financial by 14.4% in the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company's stock worth $645,313,000 after buying an additional 3,413,384 shares during the period. AQR Capital Management LLC boosted its stake in Corebridge Financial by 91.5% in the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company's stock worth $178,340,000 after purchasing an additional 2,823,801 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Corebridge Financial by 43.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock worth $211,575,000 after purchasing an additional 2,689,611 shares during the period. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Trading Up 0.0%

NYSE:CRBG opened at $31.20 on Monday. The stock's 50 day moving average price is $29.34 and its 200 day moving average price is $27.96. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The company has a market capitalization of $13.91 billion, a P/E ratio of 56.74, a P/E/G ratio of 0.39 and a beta of 1.08. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12.

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 the consensus estimate of $1.07 by ($0.02). The business had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period in the previous year, the business posted $1.16 EPS. On average, research analysts forecast that Corebridge Financial, Inc. will post 4.55 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. JPMorgan Chase & Co. cut their target price on shares of Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 12th. Jefferies Financial Group upped their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Zacks Research upgraded Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Weiss Ratings cut Corebridge Financial from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, May 26th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "outperform" rating in a research report on Monday, July 13th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $36.75.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the transaction, the insider directly owned 128,153 shares of the company's stock, valued at $3,844,590. This represents a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.29% of the company's stock.

Corebridge Financial Company 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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