Oppenheimer & Co. Inc. Makes New Investment in Corebridge Financial, Inc. (NYSE:CRBG)

Oppenheimer & Co. Inc. purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 14,500 shares of the company’s stock, valued at approximately $423,000.

Other large investors have also recently made changes to their positions in the company. Canada Pension Plan Investment Board grew its position in Corebridge Financial by 249.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after acquiring an additional 4,507,322 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Corebridge Financial by 201.1% in the second quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock valued at $116,723,000 after purchasing an additional 2,677,105 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Corebridge Financial by 150.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock valued at $103,707,000 after purchasing an additional 2,137,594 shares in the last quarter. Vanguard Group Inc. increased its stake in Corebridge Financial by 6.0% during the 1st quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock worth $721,938,000 after buying an additional 1,415,265 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in Corebridge Financial by 40.3% during the 2nd quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after buying an additional 1,282,154 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

NYSE CRBG opened at $31.47 on Friday. The company has a fifty day moving average of $30.18 and a two-hundred day moving average of $29.37. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial, Inc. has a 1 year low of $19.90 and a 1 year high of $34.66. The company has a market capitalization of $17.90 billion, a PE ratio of -15.06, a P/E/G ratio of 0.39 and a beta of 0.90.

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

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given 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 2.92%. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

Analyst Ratings Changes

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

Insider Buying and Selling

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

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.