Woodline Partners LP Buys New Position 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 bought a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The firm bought 155,474 shares of the company's stock, valued at approximately $4,908,000.

Other large investors also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. purchased a new position in Corebridge Financial in the 4th quarter worth $30,000. Brooklyn Investment Group raised its position in Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after purchasing an additional 581 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its position in Corebridge Financial by 80.2% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after purchasing an additional 748 shares during the period. Golden State Wealth Management LLC purchased a new position in Corebridge Financial in the 1st quarter worth $75,000. Finally, SVB Wealth LLC purchased a new position in Corebridge Financial in the 1st quarter worth $85,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Performance

Shares of CRBG traded up $0.70 during mid-day trading on Thursday, hitting $32.33. 1,294,314 shares of the company traded hands, compared to its average volume of 3,286,481. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a 50-day moving average price of $34.30 and a two-hundred day moving average price of $32.49. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The stock has a market cap of $17.41 billion, a price-to-earnings ratio of -52.97, a P/E/G ratio of 0.53 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The firm had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. During the same period in the previous year, the company earned $1.13 earnings per share. 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's payout ratio is presently -157.38%.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of research reports. Keefe, Bruyette & Woods lifted their target price on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Morgan Stanley lifted their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, June 27th. BMO Capital Markets lifted their target price on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. Finally, UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their target price for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $40.80.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the sale, the insider directly owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. The trade was a 26.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is owned by insiders.

Corebridge Financial Company 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.