Corebridge Financial, Inc. (NYSE:CRBG) Shares Sold by Cinctive Capital Management LP

Cinctive Capital Management LP lessened its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 51.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 383,858 shares of the company’s stock after selling 403,684 shares during the period. Cinctive Capital Management LP owned about 0.07% of Corebridge Financial worth $11,193,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Corebridge Financial during the 3rd quarter valued at approximately $27,000. Capital Performance Advisors LLP acquired a new stake in shares of Corebridge Financial during the third quarter worth $28,000. HM Payson & Co. bought a new position in shares of Corebridge Financial in the 3rd quarter worth about $29,000. ORG Wealth Partners LLC acquired a new position in shares of Corebridge Financial in the 3rd quarter valued at about $29,000. Finally, LRI Investments LLC bought a new stake in shares of Corebridge Financial during the 2nd quarter valued at about $30,000. Institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Piper Sandler lowered their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Morgan Stanley upped their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Barclays lifted their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the transaction, the insider now directly owns 249,238,898 shares of the company’s stock, valued at approximately $7,776,253,617.60. The trade was a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.08% of the stock is owned by insiders.

Corebridge Financial Trading Down 0.1 %

Shares of Corebridge Financial stock opened at $32.37 on Monday. The business has a fifty day simple moving average of $30.75 and a 200-day simple moving average of $29.46. The firm has a market cap of $18.41 billion, a price-to-earnings ratio of -15.49, a price-to-earnings-growth ratio of 0.42 and a beta of 0.90. Corebridge Financial, Inc. has a fifty-two week low of $20.07 and a fifty-two week high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. The firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.05 earnings per share. On average, equities analysts forecast 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, December 31st. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.84%. Corebridge Financial’s dividend payout ratio is currently -44.02%.

About Corebridge Financial

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.