Sculptor Capital LP Buys New Position in Corebridge Financial, Inc. $CRBG

Sculptor Capital LP bought a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 218,741 shares of the company’s stock, valued at approximately $6,599,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Bank of Nova Scotia raised its holdings in shares of Corebridge Financial by 3.8% during the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after acquiring an additional 340 shares in the last quarter. Severin Investments LLC raised its holdings in shares of Corebridge Financial by 1.4% during the third quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock valued at $794,000 after acquiring an additional 350 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after acquiring an additional 377 shares in the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of Corebridge Financial by 2.5% during the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock valued at $494,000 after acquiring an additional 383 shares in the last quarter. Finally, True Wealth Design LLC raised its holdings in shares of Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after acquiring an additional 412 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on CRBG shares. Zacks Research downgraded Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. UBS Group decreased their target price on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday, April 28th. Wells Fargo & Company upped their target price on Corebridge Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Weiss Ratings cut Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Finally, Morgan Stanley reduced their price target on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 3rd. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.17.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $29.38 on Tuesday. The stock has a market cap of $13.42 billion, a price-to-earnings ratio of 53.42, a PEG ratio of 0.32 and a beta of 1.14. The business’s fifty day moving average is $26.75 and its 200 day moving average is $28.02. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.02). The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same period in the previous year, the company earned $1.16 earnings per share. Research analysts expect that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is presently 181.82%.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.