Everence Capital Management Inc. Takes $437,000 Position in Corebridge Financial, Inc. (NYSE:CRBG)

Everence Capital Management Inc. purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,610 shares of the company’s stock, valued at approximately $437,000.

A number of other institutional investors have also added to or reduced their stakes in CRBG. Canada Pension Plan Investment Board lifted its holdings in shares of Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after purchasing an additional 4,507,322 shares during the last quarter. Marshall Wace LLP raised its stake in Corebridge Financial by 201.1% during the second quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock valued at $116,723,000 after buying an additional 2,677,105 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Corebridge Financial by 150.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock worth $103,707,000 after acquiring an additional 2,137,594 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Corebridge Financial by 40.3% in the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after acquiring an additional 1,282,154 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of Corebridge Financial by 34.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock valued at $104,032,000 after acquiring an additional 915,848 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Up 1.5 %

Shares of Corebridge Financial stock opened at $30.81 on Monday. Corebridge Financial, Inc. has a 1-year low of $22.14 and a 1-year high of $34.66. The company’s fifty day simple moving average is $31.00 and its 200-day simple moving average is $29.60. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The stock has a market capitalization of $17.53 billion, a PE ratio of -14.74, a P/E/G ratio of 0.39 and a beta of 0.86.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.05 earnings per share. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 4.81 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

Insider Buying and Selling

In other news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the transaction, the insider now owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.08% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on CRBG shares. Barclays increased their price objective 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. DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Morgan Stanley upped their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Piper Sandler lifted their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, TD Cowen upped their price target on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and a consensus price target of $35.08.

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.