Ieq Capital LLC Increases Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• Ieq Capital LLC significantly increased its holdings in Corebridge Financial by 359.9%, acquiring an additional 163,913 shares, bringing its total to 209,454 shares valued at approximately $6.6 million.
• Corebridge Financial reported a quarterly EPS of $1.36, exceeding analysts' estimates of $1.15, despite a revenue of $4.42 billion, which fell short of expectations.
• The company declared a quarterly dividend of $0.24 per share, with a current yield of 2.8%, and a negative payout ratio of -157.38% as of the last filing.

Ieq Capital LLC boosted its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 359.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 209,454 shares of the company's stock after buying an additional 163,913 shares during the period. Ieq Capital LLC's holdings in Corebridge Financial were worth $6,612,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Sunbelt Securities Inc. bought a new position in shares of Corebridge Financial during the fourth quarter valued at $30,000. Brooklyn Investment Group lifted its stake in Corebridge Financial by 66.7% during the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after acquiring an additional 581 shares during the period. Point72 Asia Singapore Pte. Ltd. lifted its stake in Corebridge Financial by 80.2% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock valued at $50,000 after acquiring an additional 748 shares during the period. Quarry LP purchased a new stake in shares of Corebridge Financial during the 4th quarter valued at about $63,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Corebridge Financial in the first quarter worth approximately $75,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Performance

CRBG stock traded down $0.13 during trading on Friday, reaching $34.77. The stock had a trading volume of 1,565,215 shares, compared to its average volume of 4,790,795. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The stock's 50 day moving average is $34.67 and its two-hundred day moving average is $32.48. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. The firm has a market cap of $18.72 billion, a PE ratio of -56.99, a PEG ratio of 0.59 and a beta of 1.06.

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 (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.21. The business had revenue of $4.42 billion during the quarter, compared to analyst estimates 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 in the previous year, the company posted $1.13 earnings per share. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.24 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. Corebridge Financial's dividend payout ratio is presently -157.38%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. BMO Capital Markets increased their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Wells Fargo & Company increased their price target on Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Piper Sandler raised their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. Barclays upped their price objective on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Finally, Morgan Stanley increased their target price on Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $40.70.

Insider Buying and Selling

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

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.