Entropy Technologies LP Buys New Shares in Corebridge Financial, Inc. (NYSE:CRBG)

Entropy Technologies LP purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 21,500 shares of the company's stock, valued at approximately $627,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Corebridge Financial in the first quarter worth $251,000. Sei Investments Co. boosted its holdings in shares of Corebridge Financial by 97.5% during the 1st 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 during the last quarter. Russell Investments Group Ltd. grew its position in shares of Corebridge Financial by 30.1% during 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. bought a new stake in shares of Corebridge Financial in the first quarter worth about $1,134,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted 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 worth $4,005,000 after buying an additional 118,138 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the business's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the sale, the insider now owns 279,238,898 shares of the company's stock, valued at $8,058,834,596.28. The trade was a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.08% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CRBG shares. Barclays increased their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an "equal weight" rating in a research report on Tuesday, November 5th. Morgan Stanley lifted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 5th. TD Cowen began coverage on shares of Corebridge Financial in a research report on Wednesday, October 9th. They set a "buy" rating and a $35.00 target price on the stock. Piper Sandler dropped their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating for the company in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada dropped 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. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $34.85.

Corebridge Financial Price Performance

NYSE:CRBG traded down $0.07 during trading hours on Friday, hitting $30.46. 3,992,722 shares of the stock were exchanged, compared to its average volume of 3,968,651. The firm's fifty day moving average price is $29.80 and its 200 day moving average price is $29.25. Corebridge Financial, Inc. has a 52-week low of $19.26 and a 52-week high of $34.66. The company has a market cap of $17.33 billion, a P/E ratio of -14.53, a P/E/G ratio of 0.39 and a beta of 0.90. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating 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 the consensus estimate of $5.66 billion. During the same period in the prior year, the company earned $1.05 EPS. The firm's revenue was up 39.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Corebridge Financial, Inc. will post 4.78 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given 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 yield of 3.02%. Corebridge Financial's payout ratio is -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.