Woodline Partners LP Buys New Shares in Corebridge Financial, Inc. $CRBG

Key Points

• Woodline Partners LP has acquired a new stake in Corebridge Financial, Inc. worth approximately $4.91 million, purchasing 155,474 shares this quarter.
• Wall Street analysts are optimistic about Corebridge Financial, with target prices raised by multiple firms, leading to an average target price of $40.80 and a rating of "Moderate Buy."
• Corebridge Financial recently declared a quarterly dividend of $0.24 per share, representing an annual yield of 2.9%.

Woodline Partners LP acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 155,474 shares of the company's stock, valued at approximately $4,908,000.

Other large investors also recently modified their holdings of the company. Sunbelt Securities Inc. bought a new stake in shares of Corebridge Financial in the fourth quarter worth $30,000. Brooklyn Investment Group grew its holdings in shares of Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after acquiring an additional 581 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Corebridge Financial by 80.2% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after acquiring an additional 748 shares during the period. Golden State Wealth Management LLC bought a new stake in shares of Corebridge Financial in the first quarter worth $75,000. Finally, SVB Wealth LLC purchased a new position in Corebridge Financial during the first quarter valued at $85,000. Institutional investors own 98.25% of the company's stock.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the company's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the completion of the sale, the insider owned 82,711,853 shares in the company, valued at $2,783,253,853.45. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock traded down $1.14 during trading hours on Tuesday, hitting $31.36. The company's stock had a trading volume of 5,030,413 shares, compared to its average volume of 3,296,795. The business has a 50 day moving average price of $34.43 and a two-hundred day moving average price of $32.51. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57. The company has a market cap of $16.89 billion, a PE ratio of -51.41, a PEG ratio of 0.56 and a beta of 1.06. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the business earned $1.13 earnings per share. Analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.24 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. Corebridge Financial's payout ratio is presently -157.38%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. BMO Capital Markets lifted their target price on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Morgan Stanley lifted their target price on Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research report on Friday, June 27th. JPMorgan Chase & Co. lifted their target price on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Piper Sandler lifted their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Finally, Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and a consensus price target of $40.80.

Corebridge Financial Profile

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.