Corebridge Financial, Inc. $CRBG Shares Sold by Twin Tree Management LP

Key Points

• Twin Tree Management LP reduced its stake in Corebridge Financial by 68.9% during the second quarter, selling 105,993 shares and reducing its holdings to 47,907 shares worth approximately $1.7 million.
• Corebridge Financial recently declared a quarterly dividend of $0.24 per share, with an annualized yield of 3.1%, despite a negative dividend payout ratio.
• Analysts have set a moderate buy rating on Corebridge Financial, with a new average price target of $39.91, reflecting optimism following increased price targets from multiple financial institutions.

Twin Tree Management LP trimmed its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 68.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 47,907 shares of the company's stock after selling 105,993 shares during the quarter. Twin Tree Management LP's holdings in Corebridge Financial were worth $1,701,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. IFP Advisors Inc lifted its holdings in shares of Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company's stock valued at $26,000 after buying an additional 673 shares during the period. Brooklyn Investment Group lifted its holdings in shares of Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after buying an additional 581 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at approximately $75,000. SVB Wealth LLC acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at approximately $85,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Corebridge Financial by 463.4% in the 2nd quarter. Farther Finance Advisors LLC now owns 2,524 shares of the company's stock valued at $90,000 after buying an additional 2,076 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $30.63 on Friday. 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 stock has a fifty day moving average of $33.25 and a two-hundred day moving average of $32.52. The company has a market capitalization of $16.49 billion, a price-to-earnings ratio of -50.21, a PEG ratio of 0.49 and a beta of 1.02. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.21. The company had revenue of $4.42 billion during the quarter, compared to the consensus estimate 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 posted $1.13 earnings per share. On average, 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 was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 3.1%. Corebridge Financial's dividend payout ratio (DPR) is presently -157.38%.

Analysts Set New Price Targets

Several analysts have recently commented on CRBG shares. BMO Capital Markets raised their price target on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Evercore ISI reduced their price target on Corebridge Financial from $39.00 to $38.00 and set an "outperform" rating for the company in a report on Thursday, October 9th. Weiss Ratings reissued a "hold (c-)" rating on shares of Corebridge Financial in a report on Wednesday, October 8th. Piper Sandler raised their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Finally, JPMorgan Chase & Co. raised their price objective on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $39.91.

Insiders Place Their Bets

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

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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