Symmetry Investments LP Makes New Investment in Corebridge Financial, Inc. (NYSE:CRBG)

Symmetry Investments LP bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 50,000 shares of the company’s stock, valued at approximately $1,456,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Junto Capital Management LP acquired a new stake in Corebridge Financial during the 4th quarter worth about $26,232,000. Swedbank AB acquired a new stake in Corebridge Financial during the 2nd quarter worth about $5,639,000. Williamson Legacy Group LLC acquired a new stake in Corebridge Financial during the 4th quarter worth about $716,000. Wellington Management Group LLP lifted its position in Corebridge Financial by 14,292.5% during the 4th quarter. Wellington Management Group LLP now owns 2,459,820 shares of the company’s stock worth $53,280,000 after acquiring an additional 2,442,729 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Corebridge Financial during the 1st quarter worth about $1,134,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on CRBG. Royal Bank of Canada lowered their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Jefferies Financial Group boosted their price objective on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a report on Friday, June 28th. Bank of America decreased their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Morgan Stanley decreased their price objective on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Finally, JPMorgan Chase & Co. boosted their price objective on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.62.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $27.88 on Friday. Corebridge Financial, Inc. has a twelve month low of $18.83 and a twelve month high of $34.66. The business has a 50-day moving average price of $28.04 and a 200 day moving average price of $28.25. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The firm has a market cap of $16.96 billion, a PE ratio of 7.34, a P/E/G ratio of 0.35 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period in the prior year, the business earned $1.04 earnings per share. Sell-side analysts predict that Corebridge Financial, Inc. will post 4.74 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s dividend payout ratio is presently 24.21%.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 8,032,129 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the sale, the insider now owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have sold 14,964,738 shares of company stock worth $400,732,195. Insiders own 0.09% of the company’s stock.

About Corebridge Financial

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.