Ghisallo Capital Management LLC Takes $3.21 Million Position in Corebridge Financial, Inc. $CRBG

Ghisallo Capital Management LLC purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 3rd quarter, Holdings Channel reports. The fund purchased 100,000 shares of the company’s stock, valued at approximately $3,205,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its position in Corebridge Financial by 229.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after acquiring an additional 905,918 shares during the last quarter. Focus Partners Wealth bought a new stake in shares of Corebridge Financial in the 1st quarter worth about $384,000. Campbell & CO Investment Adviser LLC purchased a new position in shares of Corebridge Financial during the 2nd quarter worth about $333,000. Illinois Municipal Retirement Fund boosted its stake in shares of Corebridge Financial by 182.5% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 80,459 shares of the company’s stock worth $2,856,000 after purchasing an additional 51,978 shares during the period. Finally, Allworth Financial LP bought a new position in Corebridge Financial during the 2nd quarter valued at about $26,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CRBG shares. Morgan Stanley decreased their price objective on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 3rd. TD Cowen cut their target price on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday. UBS Group decreased their price target on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Weiss Ratings cut Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. Finally, Mizuho initiated coverage on Corebridge Financial in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price objective on the stock. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average price target of $37.09.

Corebridge Financial Stock Performance

CRBG stock opened at $23.48 on Friday. Corebridge Financial, Inc. has a 1-year low of $22.32 and a 1-year high of $36.57. The business has a 50-day moving average price of $29.11 and a 200 day moving average price of $30.65. The company has a market capitalization of $11.31 billion, a P/E ratio of -44.29, a PEG ratio of 0.35 and a beta of 1.11. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.11. The company had revenue of $6.34 billion for the quarter, compared to analysts’ expectations of $5.02 billion. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. During the same period in the prior year, the business earned $1.06 EPS. As a group, equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Tuesday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently -181.13%.

Corebridge Financial Company Profile

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.