Everence Capital Management Inc. Purchases New Shares in Corebridge Financial, Inc. (NYSE:CRBG)

Everence Capital Management Inc. bought a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the fourth quarter, HoldingsChannel.com reports. The fund bought 14,610 shares of the company’s stock, valued at approximately $437,000.

Several other hedge funds have also recently made changes to their positions in CRBG. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Corebridge Financial during the third quarter valued at approximately $27,000. Capital Performance Advisors LLP bought a new stake in Corebridge Financial in the third quarter worth $28,000. HM Payson & Co. purchased a new position in Corebridge Financial during the third quarter worth $29,000. ORG Wealth Partners LLC bought a new position in Corebridge Financial during the third quarter valued at $29,000. Finally, Covestor Ltd raised its stake in shares of Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after acquiring an additional 570 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the sale, the insider now directly owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.08% of the stock is currently owned by company insiders.

Corebridge Financial Price Performance

NYSE CRBG opened at $30.81 on Monday. The company has a market cap of $17.53 billion, a PE ratio of -14.74, a P/E/G ratio of 0.39 and a beta of 0.86. The firm’s 50 day moving average price is $31.00 and its 200-day moving average price is $29.60. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a 52-week low of $22.14 and a 52-week high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the company posted $1.05 EPS. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. Sell-side analysts forecast that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial’s payout ratio is currently -44.02%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Piper Sandler boosted their price objective on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Morgan Stanley upped their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Barclays lifted 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. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $35.08.

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.