Squarepoint Ops LLC Buys 236,266 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• Squarepoint Ops LLC more than doubled its Corebridge Financial stake in the second quarter, adding 236,266 shares to own 446,670 shares valued at approximately $12.8 million. Institutional investors collectively own 98.25% of the company.
• Corebridge reported quarterly EPS of $1.12, exceeding estimates of $1.08, although revenue of $4.30 billion fell short of the $4.66 billion consensus forecast. The company declared a $0.25 quarterly dividend, representing a 3.0% annualized yield.
• Analyst sentiment remains favorable, with nine Buy ratings and six Holds; the stock has a “Moderate Buy” consensus and an average price target of $37.42, above its reported trading price of $33.89.

Squarepoint Ops LLC lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 112.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 446,670 shares of the company's stock after purchasing an additional 236,266 shares during the quarter. Squarepoint Ops LLC owned 0.10% of Corebridge Financial worth $12,788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Rothschild Investment LLC increased its stake in Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after purchasing an additional 520 shares in the last quarter. Bell Investment Advisors Inc purchased a new stake in shares of Corebridge Financial during the second quarter valued at approximately $27,000. Sonoma Allocations LLC bought a new stake in shares of Corebridge Financial during the first quarter valued at approximately $30,000. Allworth Financial LP bought a new stake in shares of Corebridge Financial during the second quarter valued at approximately $41,000. Finally, Versant Capital Management Inc raised its holdings in Corebridge Financial by 1,124.2% in the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock worth $46,000 after acquiring an additional 1,484 shares during the last quarter. Institutional investors own 98.25% of the company's stock.

Insiders Place Their Bets

In other Corebridge Financial news, EVP Elizabeth B. Cropper sold 7,745 shares of the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total value of $256,049.70. Following the transaction, the executive vice president directly owned 46,473 shares of the company's stock, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider David Ditillo sold 12,414 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider directly owned 111,153 shares in the company, valued at $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 24,409 shares of company stock valued at $805,626. 0.32% of the stock is owned by company insiders.

Corebridge Financial Trading Up 0.4%

Shares of CRBG stock opened at $33.89 on Thursday. 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, Inc. has a 12-month low of $22.19 and a 12-month high of $34.82. The stock has a market capitalization of $15.11 billion, a P/E ratio of 19.82, a P/E/G ratio of 0.43 and a beta of 1.08. The firm's 50 day moving average is $32.24 and its 200 day moving average is $28.46.

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

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.0%. Corebridge Financial's payout ratio is presently 58.48%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CRBG. TD Cowen increased their target price on Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 11th. UBS Group upped their price target on Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Wells Fargo & Company upped their price target on Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. Finally, Weiss Ratings raised Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Corebridge Financial currently has an average rating of "Moderate Buy" and an average target price of $37.42.

About Corebridge Financial

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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