Engineers Gate Manager LP Invests $4.19 Million in Corebridge Financial, Inc. $CRBG

Engineers Gate Manager LP acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 146,204 shares of the company’s stock, valued at approximately $4,186,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Integrated Wealth Concepts LLC increased its stake in Corebridge Financial by 5.4% in the second quarter. Integrated Wealth Concepts LLC now owns 17,662 shares of the company’s stock valued at $506,000 after purchasing an additional 899 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of Corebridge Financial by 112.3% in the 2nd quarter. Squarepoint Ops LLC now owns 446,670 shares of the company’s stock valued at $12,788,000 after buying an additional 236,266 shares during the period. Allworth Financial LP increased its position in Corebridge Financial by 100.6% in the 2nd quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock valued at $41,000 after buying an additional 724 shares in the last quarter. Paragon Capital Management Ltd acquired a new position in Corebridge Financial during the 2nd quarter worth approximately $221,000. Finally, Nykredit A S acquired a new stake in Corebridge Financial in the second quarter valued at approximately $1,302,000. 98.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Mizuho increased their target price on Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Keefe, Bruyette & Woods boosted their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Barclays lifted their price target on Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. TD Cowen boosted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company lifted their target price on Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus target price of $37.42.

Corebridge Financial Stock Performance

NYSE CRBG opened at $34.70 on Friday. The company has a market capitalization of $15.47 billion, a PE ratio of 20.29, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.00. The company has a 50-day simple moving average of $32.43 and a 200 day simple moving average of $28.53.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the prior year, the firm earned $1.36 EPS. On average, research analysts predict that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is 58.48%.

Insider Buying and Selling at Corebridge Financial

In related news, EVP Elizabeth B. Cropper sold 7,745 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total value of $256,049.70. Following the sale, the executive vice president directly owned 46,473 shares in the company, valued at approximately $1,536,397.38. The trade was a 14.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider David Ditillo sold 12,414 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider directly owned 111,153 shares in the company, valued at approximately $3,779,202. This trade represents a 10.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 24,409 shares of company stock worth $805,626 over the last ninety days. 0.32% of the stock is currently owned by company insiders.

About Corebridge Financial

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group’s life and retirement business and began operating as an independent publicly traded company in 2022.