Quantbot Technologies LP Acquires 293,573 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Quantbot Technologies LP grew its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 892.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 326,478 shares of the company’s stock after acquiring an additional 293,573 shares during the period. Quantbot Technologies LP’s holdings in Corebridge Financial were worth $9,520,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRBG. Capital Performance Advisors LLP acquired a new position in Corebridge Financial in the third quarter worth about $28,000. HM Payson & Co. acquired a new stake in Corebridge Financial during the third quarter valued at approximately $29,000. ORG Wealth Partners LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at approximately $29,000. LRI Investments LLC acquired a new position in shares of Corebridge Financial in the 2nd quarter worth approximately $30,000. Finally, Covestor Ltd raised its holdings in shares of Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after buying an additional 570 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Price Performance

CRBG opened at $31.86 on Tuesday. The company has a fifty day moving average price of $30.36 and a two-hundred day moving average price of $29.38. The firm has a market capitalization of $18.12 billion, a PE ratio of -15.24, a P/E/G ratio of 0.41 and a beta of 0.90. Corebridge Financial, Inc. has a 52 week low of $20.07 and a 52 week high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the company posted $1.05 earnings per share. The firm’s revenue was up 39.5% on a year-over-year basis. As a group, analysts anticipate that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.89%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Analyst Ratings Changes

CRBG has been the topic of several recent analyst reports. Piper Sandler reduced their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Barclays boosted their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Royal Bank of Canada dropped their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. TD Cowen began coverage on Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 target price on the stock. Finally, Morgan Stanley raised their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and an average price target of $34.85.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the transaction, the insider now directly owns 249,238,898 shares of the company’s stock, valued at approximately $7,776,253,617.60. The trade was a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.08% of the stock is owned by insiders.

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.