FNY Investment Advisers LLC Takes Position in Corebridge Financial, Inc. (NYSE:CRBG)

FNY Investment Advisers LLC purchased a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 910 shares of the company’s stock, valued at approximately $27,000.

A number of other institutional investors have also recently added to or reduced their stakes in CRBG. Covestor Ltd increased its stake 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 acquiring an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Corebridge Financial by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after purchasing an additional 585 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in Corebridge Financial by 2.7% during the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after purchasing an additional 597 shares during the period. Xponance Inc. boosted its holdings in Corebridge Financial by 3.0% in the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock valued at $613,000 after purchasing an additional 612 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of Corebridge Financial by 3.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock valued at $740,000 after buying an additional 770 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their price objective on Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a report on Tuesday. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Morgan Stanley upped their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a research report on Monday, January 6th. Finally, Piper Sandler upped their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.92.

Insider Transactions at Corebridge Financial

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 sale, the insider now owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.08% of the company’s stock.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $30.75 on Thursday. 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 company has a market cap of $17.49 billion, a price-to-earnings ratio of -14.71, a price-to-earnings-growth ratio of 0.39 and a beta of 0.86. The stock’s 50-day moving average is $30.87 and its two-hundred day moving average is $29.66. Corebridge Financial, Inc. has a 1-year low of $23.01 and a 1-year high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the firm earned $1.05 earnings per share. The business’s quarterly revenue was up 39.5% compared to the same quarter last year. Analysts forecast that Corebridge Financial, Inc. will post 4.82 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

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.