Entropy Technologies LP Purchases 108,190 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• Entropy Technologies LP boosted its Corebridge Financial stake by 203.1% in the fourth quarter, buying 108,190 shares and bringing its total holdings to 161,459 shares valued at about $4.87 million.
• Corebridge Financial reported mixed quarterly results, posting EPS of $1.05 versus the $1.07 estimate and revenue of $4.09 billion, below the $5.06 billion consensus.
• The company declared a quarterly dividend of $0.25 per share, which annualizes to $1.00 and yields about 3.5%; analysts currently rate the stock a “Moderate Buy” with an average target price of $35.17.

Entropy Technologies LP increased its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 203.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 161,459 shares of the company's stock after acquiring an additional 108,190 shares during the period. Entropy Technologies LP's holdings in Corebridge Financial were worth $4,871,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of Nova Scotia grew its position in Corebridge Financial by 3.8% during the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company's stock worth $331,000 after acquiring an additional 340 shares during the last quarter. Severin Investments LLC grew its position in Corebridge Financial by 1.4% during the 3rd quarter. Severin Investments LLC now owns 24,778 shares of the company's stock worth $794,000 after acquiring an additional 350 shares during the last quarter. Smartleaf Asset Management LLC grew its position in Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company's stock worth $27,000 after acquiring an additional 377 shares during the last quarter. Integrated Wealth Concepts LLC grew its position in Corebridge Financial by 2.5% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company's stock worth $494,000 after acquiring an additional 383 shares during the last quarter. Finally, True Wealth Design LLC grew its position in Corebridge Financial by 50.2% during the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company's stock worth $37,000 after acquiring an additional 412 shares during the last quarter. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Up 0.1%

Shares of Corebridge Financial stock opened at $28.78 on Monday. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $36.57. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The stock's 50-day moving average is $26.64 and its 200 day moving average is $28.02. The firm has a market cap of $13.14 billion, a price-to-earnings ratio of 52.32, a PEG ratio of 0.32 and a beta of 1.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the previous year, the company earned $1.16 EPS. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.81 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.5%. Corebridge Financial's dividend payout ratio is presently 181.82%.

Analysts Set New Price Targets

CRBG has been the topic of several recent research reports. Bank of America cut their target price on Corebridge Financial from $42.00 to $40.00 and set a "buy" rating on the stock in a report on Tuesday, April 14th. JPMorgan Chase & Co. reduced their price target on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. TD Cowen reduced their price target on Corebridge Financial from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, March 10th. Wells Fargo & Company upped their price target on Corebridge Financial from $32.00 to $35.00 and gave the company an "overweight" rating in a research report on Tuesday, May 12th. Finally, Keefe, Bruyette & Woods upped their price target on Corebridge Financial from $31.00 to $38.00 and gave the company an "outperform" rating in a research report on Wednesday, May 6th. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Corebridge Financial presently has an average rating of "Moderate Buy" and an average target price of $35.17.

Corebridge Financial 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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