Forsta AP Fonden Takes Position in Corebridge Financial, Inc. (NYSE:CRBG)

Forsta AP Fonden purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 57,900 shares of the company’s stock, valued at approximately $1,733,000.

A number of other hedge funds also recently bought and sold shares of CRBG. The Manufacturers Life Insurance Company lifted its position in shares of Corebridge Financial by 2.8% in the 2nd 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 period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Corebridge Financial by 718.4% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 37,525 shares of the company’s stock worth $1,093,000 after buying an additional 32,940 shares during the period. Handelsbanken Fonder AB boosted its position in Corebridge Financial by 34.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 57,400 shares of the company’s stock valued at $1,674,000 after acquiring an additional 14,700 shares in the last quarter. Diversified Trust Co grew its holdings in shares of Corebridge Financial by 25.4% during the 3rd quarter. Diversified Trust Co now owns 28,516 shares of the company’s stock worth $832,000 after acquiring an additional 5,767 shares during the period. Finally, Artemis Investment Management LLP raised its position in shares of Corebridge Financial by 5.2% in the 3rd quarter. Artemis Investment Management LLP now owns 1,563,019 shares of the company’s stock worth $45,578,000 after acquiring an additional 76,654 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total value 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 approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. TD Cowen increased their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Morgan Stanley increased their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a report on Monday, January 6th. Finally, BMO Capital Markets began coverage on Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and a consensus price target of $36.43.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $33.76 on Monday. The firm has a market cap of $19.21 billion, a price-to-earnings ratio of -16.15, a P/E/G ratio of 0.38 and a beta of 0.92. The firm has a fifty day moving average price of $31.27 and a 200 day moving average price of $29.95. 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 fifty-two week low of $23.01 and a fifty-two week high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) 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 business had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the firm earned $1.05 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 4.8 earnings per share for the current fiscal year.

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.