WINTON GROUP Ltd Makes New $1.73 Million Investment in Corebridge Financial, Inc. $CRBG

Key Points

• WINTON GROUP Ltd purchased 60,393 shares of Corebridge Financial valued at approximately $1.73 million. Institutional investors collectively own 98.25% of the company.
• Corebridge reported quarterly EPS of $1.12, exceeding estimates of $1.08, though revenue of $4.30 billion fell short of expectations. The company also declared a quarterly dividend of $0.25, representing a 2.9% annual yield.
• Shares opened at $34.70, near their 52-week high of $35.00. Analysts maintain a “Moderate Buy” consensus with an average price target of $37.42.

WINTON GROUP Ltd purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 60,393 shares of the company's stock, valued at approximately $1,729,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Pzena Investment Management LLC bought a new position in Corebridge Financial in the 2nd quarter valued at about $967,400,000. BlackRock Inc. acquired a new position in Corebridge Financial during the 2nd quarter valued at about $726,494,000. Norges Bank bought a new stake in shares of Corebridge Financial during the 4th quarter worth about $611,550,000. State Street Corp raised its position in shares of Corebridge Financial by 44.3% during the 4th quarter. State Street Corp now owns 11,295,692 shares of the company's stock worth $340,791,000 after buying an additional 3,465,371 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in shares of Corebridge Financial by 1,961.1% during the 2nd quarter. California State Teachers Retirement System now owns 10,448,576 shares of the company's stock worth $299,143,000 after buying an additional 9,941,626 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon purchased 136,466 shares of the business's stock in a transaction dated Wednesday, September 9th. The shares were acquired at an average price of $33.78 per share, for a total transaction of $4,609,821.48. Following the acquisition, the insider owned 122,125,993 shares of the company's stock, valued at $4,125,416,043.54. This trade represents a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Elizabeth B. Cropper sold 7,745 shares of Corebridge Financial stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total transaction of $256,049.70. Following the completion of the sale, the executive vice president directly owned 46,473 shares of the company's stock, valued at approximately $1,536,397.38. The trade was a 14.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 24,409 shares of company stock valued at $805,626 over the last ninety days. Corporate insiders own 0.32% of the company's stock.

Corebridge Financial Stock Up 1.5%

CRBG opened at $34.70 on Friday. The company has a market capitalization of $15.47 billion, a PE ratio of 20.29, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.00. The business has a 50-day moving average of $32.43 and a 200-day moving average of $28.53.

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

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial's payout ratio is 58.48%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Weiss Ratings upgraded Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. UBS Group boosted their price objective on Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 8th. Jefferies Financial Group increased their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a report on Friday, July 10th. Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. Finally, TD Cowen upped their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $37.42.

Corebridge Financial Company 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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