Engineers Gate Manager LP Takes Position in Corebridge Financial, Inc. $CRBG

Key Points

• Institutional interest increased: Engineers Gate Manager LP bought 146,204 Corebridge Financial shares valued at about $4.2 million, while institutional investors and hedge funds collectively own 98.25% of the stock.
• Corebridge exceeded quarterly EPS expectations: The company reported $1.12 in earnings per share versus the $1.08 analyst consensus, although revenue of $4.30 billion fell short of the $4.66 billion estimate. It declared a quarterly dividend of $0.25 per share, representing a 2.9% yield.
• Analyst sentiment remains positive: Nine analysts rate CRBG a Buy and six rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $37.42, above the reported $34.70 share price.

Engineers Gate Manager LP purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 146,204 shares of the company's stock, valued at approximately $4,186,000.

Other hedge funds also recently made changes to their positions in the company. Pzena Investment Management LLC acquired a new position in shares of Corebridge Financial in the second quarter valued at $967,400,000. BlackRock Inc. bought a new position in Corebridge Financial in the 2nd quarter valued at about $726,494,000. Norges Bank acquired a new stake in Corebridge Financial during the fourth quarter worth approximately $611,550,000. California State Teachers Retirement System boosted its holdings in shares of Corebridge Financial by 1,961.1% during the second quarter. California State Teachers Retirement System now owns 10,448,576 shares of the company's stock worth $299,143,000 after acquiring an additional 9,941,626 shares during the period. Finally, Donald Smith & CO. Inc. acquired a new position in shares of Corebridge Financial in the second quarter valued at approximately $168,134,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Corebridge Financial

In other news, major shareholder Life Insurance Co Nippon acquired 136,466 shares of Corebridge Financial stock in a transaction dated Wednesday, September 9th. The shares were bought at an average cost of $33.78 per share, with a total value of $4,609,821.48. Following the purchase, the insider owned 122,125,993 shares in the company, valued at $4,125,416,043.54. This trade represents a 0.11% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David Ditillo sold 12,414 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider owned 111,153 shares of the company's stock, valued at approximately $3,779,202. This trade represents a 10.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 24,409 shares of company stock worth $805,626. Company insiders own 0.32% of the company's stock.

Corebridge Financial Stock Up 1.5%

Shares of CRBG opened at $34.70 on Friday. The stock's 50-day moving average price is $32.43 and its two-hundred day moving average price is $28.53. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $35.00. The company has a market capitalization of $15.47 billion, a PE ratio of 20.29, a PEG ratio of 0.45 and a beta of 1.08. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.04. The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same period last year, the company earned $1.36 earnings per share. On average, analysts anticipate that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 2.9%. Corebridge Financial's dividend payout ratio (DPR) is presently 58.48%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CRBG shares. Wells Fargo & Company increased their price objective on Corebridge Financial from $36.00 to $39.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 19th. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. Mizuho increased their price target on Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a research report on Thursday, July 9th. Barclays lifted their price objective on Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Finally, Jefferies Financial Group increased their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $37.42.

Corebridge Financial Profile

Corebridge Financial, Inc NYSE: CRBG is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group's life and retirement business and began operating as an independent publicly traded company in 2022.

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