AlphaQuest LLC Decreases Stock Holdings in Corebridge Financial, Inc. $CRBG

AlphaQuest LLC reduced its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 20.1% in the second quarter, HoldingsChannel reports. The firm owned 14,214 shares of the company’s stock after selling 3,578 shares during the period. AlphaQuest LLC’s holdings in Corebridge Financial were worth $505,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. IFP Advisors Inc lifted its stake in shares of Corebridge Financial by 1,223.6% during the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after purchasing an additional 673 shares during the last quarter. Brooklyn Investment Group raised its stake in Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after buying an additional 581 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in Corebridge Financial in the first quarter valued at about $75,000. Farther Finance Advisors LLC raised its stake in Corebridge Financial by 463.4% in the second quarter. Farther Finance Advisors LLC now owns 2,524 shares of the company’s stock valued at $90,000 after buying an additional 2,076 shares during the last quarter. Finally, SVB Wealth LLC purchased a new stake in Corebridge Financial in the first quarter valued at about $85,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CRBG. Morgan Stanley decreased their price target on Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods decreased their price target on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Wells Fargo & Company increased their price target on Corebridge Financial from $42.00 to $44.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Piper Sandler increased their price target on Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, July 3rd. Finally, Evercore ISI decreased their price target on Corebridge Financial from $39.00 to $38.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.91.

Insider Buying and Selling

In related news, major shareholder International Group American sold 1,184,160 shares of the firm’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the sale, the insider directly owned 82,711,853 shares of the company’s stock, valued at $2,783,253,853.45. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

Corebridge Financial Stock Down 1.1%

Shares of CRBG stock opened at $31.80 on Wednesday. The stock’s 50-day simple moving average is $32.92 and its 200-day simple moving average is $32.81. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $17.12 billion, a PE ratio of -52.12, a P/E/G ratio of 0.50 and a beta of 1.02. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.21. The business had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same period in the prior year, the company earned $1.13 earnings per share. Equities analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were issued a $0.24 dividend. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. Corebridge Financial’s dividend payout ratio is currently -157.38%.

Corebridge Financial 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.