Point72 Europe London LLP Buys 4,779 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Point72 Europe London LLP boosted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 2.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 218,925 shares of the company’s stock after purchasing an additional 4,779 shares during the period. Point72 Europe London LLP’s holdings in Corebridge Financial were worth $6,384,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Verition Fund Management LLC boosted its position in shares of Corebridge Financial by 267.2% during the third quarter. Verition Fund Management LLC now owns 60,446 shares of the company’s stock worth $1,763,000 after buying an additional 43,984 shares during the period. Vinva Investment Management Ltd acquired a new position in Corebridge Financial during the 3rd quarter worth approximately $2,965,000. Public Sector Pension Investment Board grew its stake in shares of Corebridge Financial by 9.8% during the 3rd quarter. Public Sector Pension Investment Board now owns 35,861 shares of the company’s stock worth $1,046,000 after acquiring an additional 3,200 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Corebridge Financial by 17.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,655,163 shares of the company’s stock valued at $48,265,000 after purchasing an additional 250,981 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Corebridge Financial by 79.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,836 shares of the company’s stock worth $1,628,000 after purchasing an additional 24,724 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $32.37 on Friday. The company has a market capitalization of $18.41 billion, a price-to-earnings ratio of -15.49, a PEG ratio of 0.42 and a beta of 0.90. 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, Inc. has a 52 week low of $20.07 and a 52 week high of $34.66. The company has a 50-day simple moving average of $30.75 and a 200 day simple moving average of $29.47.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the business earned $1.05 EPS. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 2.84%. Corebridge Financial’s dividend payout ratio is presently -44.02%.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the transaction, the insider now directly owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.08% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Piper Sandler lowered their price target 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. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. TD Cowen increased their price target on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday. 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 research note on Tuesday, November 5th. Finally, Barclays upped their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

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.