Entropy Technologies LP Buys Shares of 21,500 Corebridge Financial, Inc. (NYSE:CRBG)

Entropy Technologies LP bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 21,500 shares of the company’s stock, valued at approximately $627,000.

Several other hedge funds also recently made changes to their positions in CRBG. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Corebridge Financial in the first quarter valued at $251,000. Sei Investments Co. grew its position in shares of Corebridge Financial by 97.5% in the first quarter. Sei Investments Co. now owns 419,541 shares of the company’s stock valued at $12,053,000 after purchasing an additional 207,071 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Corebridge Financial by 30.1% in the first quarter. Russell Investments Group Ltd. now owns 697,825 shares of the company’s stock valued at $19,990,000 after purchasing an additional 161,247 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Corebridge Financial in the first quarter valued at $1,134,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Corebridge Financial by 555.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 139,418 shares of the company’s stock valued at $4,005,000 after purchasing an additional 118,138 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This represents a 1.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.08% of the stock is currently owned by company insiders.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $30.53 on Friday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $17.36 billion, a PE ratio of -14.61, a price-to-earnings-growth ratio of 0.40 and a beta of 0.90. The business’s 50-day moving average price is $29.74 and its 200-day moving average price is $29.24. Corebridge Financial, Inc. has a 12 month low of $19.26 and a 12 month high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. Corebridge Financial’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.05 EPS. Sell-side analysts forecast that Corebridge Financial, Inc. will post 4.76 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is presently -44.02%.

Wall Street Analyst Weigh In

CRBG has been the subject of several recent research reports. Piper Sandler reduced their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Morgan Stanley boosted their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Royal Bank of Canada reduced their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. TD Cowen assumed coverage on Corebridge Financial in a research report on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price for the company. Finally, Barclays boosted their target price on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $34.85.

Corebridge Financial Company 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.