Sanctuary Advisors LLC Purchases New Stake in Corebridge Financial, Inc. (NYSE:CRBG)

Sanctuary Advisors LLC acquired a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 21,522 shares of the company's stock, valued at approximately $683,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at approximately $27,000. Capital Performance Advisors LLP bought a new stake in Corebridge Financial in the third quarter worth approximately $28,000. HM Payson & Co. acquired a new position in shares of Corebridge Financial during the 3rd quarter worth $29,000. ORG Wealth Partners LLC bought a new position in shares of Corebridge Financial during the 3rd quarter valued at $29,000. Finally, Covestor Ltd lifted its stake in shares of Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company's stock valued at $31,000 after purchasing an additional 570 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the sale, the insider now directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.08% of the company's stock.

Analyst Ratings Changes

CRBG has been the topic of several analyst reports. TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th. Piper Sandler upped their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. DOWLING & PARTN downgraded shares of Corebridge Financial from a "strong-buy" rating to a "hold" rating in a report on Tuesday, November 26th. Morgan Stanley upped their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. Finally, Barclays lifted their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $35.08.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock traded up $0.28 during trading on Wednesday, hitting $30.05. 1,036,186 shares of the company's stock traded hands, compared to its average volume of 3,941,189. The company has a market cap of $17.09 billion, a PE ratio of -14.38, a PEG ratio of 0.39 and a beta of 0.86. The firm's fifty day moving average price is $31.22 and its 200 day moving average price is $29.53. Corebridge Financial, Inc. has a twelve month low of $21.50 and a twelve month high of $34.66. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the business earned $1.05 earnings per share. The company's quarterly revenue was up 39.5% on a year-over-year basis. Analysts forecast that Corebridge Financial, Inc. will post 4.81 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 3.06%. Corebridge Financial's dividend payout ratio is currently -44.02%.

Corebridge Financial 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.