Hudson Bay Capital Management LP Purchases Shares of 400,000 Corebridge Financial, Inc. (NYSE:CRBG)

Hudson Bay Capital Management LP bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 400,000 shares of the company's stock, valued at approximately $11,972,000. Hudson Bay Capital Management LP owned approximately 0.07% of Corebridge Financial as of its most recent filing with the SEC.

A number of other large investors have also recently modified their holdings of CRBG. Deutsche Bank AG boosted its holdings in shares of Corebridge Financial by 9.0% during the 4th quarter. Deutsche Bank AG now owns 322,363 shares of the company's stock valued at $9,648,000 after acquiring an additional 26,512 shares in the last quarter. D. E. Shaw & Co. Inc. raised its position in Corebridge Financial by 693.3% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,157,112 shares of the company's stock worth $34,632,000 after purchasing an additional 1,011,251 shares during the last quarter. Concentric Capital Strategies LP bought a new position in Corebridge Financial during the 4th quarter worth $1,823,000. Cetera Investment Advisers raised its position in Corebridge Financial by 40.6% during the 4th quarter. Cetera Investment Advisers now owns 20,125 shares of the company's stock worth $602,000 after purchasing an additional 5,814 shares during the last quarter. Finally, Centiva Capital LP raised its position in Corebridge Financial by 17.9% during the 4th quarter. Centiva Capital LP now owns 69,440 shares of the company's stock worth $2,078,000 after purchasing an additional 10,539 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Stock Up 1.5%

Shares of CRBG traded up $0.49 during trading hours on Friday, hitting $32.79. The stock had a trading volume of 3,036,911 shares, compared to its average volume of 3,438,260. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a 50 day simple moving average of $30.11 and a 200-day simple moving average of $31.17. The firm has a market capitalization of $18.04 billion, a P/E ratio of 8.67, a price-to-earnings-growth ratio of 0.43 and a beta of 1.01. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $35.36.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.15 by $0.01. The company had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $5.28 billion. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. During the same period last year, the business posted $1.10 EPS. Sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.93%. Corebridge Financial's dividend payout ratio is presently 81.36%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CRBG. BMO Capital Markets began coverage on Corebridge Financial in a research report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 target price for the company. Wells Fargo & Company raised their target price on Corebridge Financial from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Morgan Stanley lowered their target price on Corebridge Financial from $43.00 to $32.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Barclays lifted their price objective on Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Finally, Piper Sandler lifted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Corebridge Financial currently has an average rating of "Moderate Buy" and a consensus target price of $36.62.

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.