Point72 Hong Kong Ltd Purchases New Shares in Corebridge Financial, Inc. (NYSE:CRBG)

Point72 Hong Kong Ltd bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 30,111 shares of the company's stock, valued at approximately $877,000.

A number of other institutional investors and hedge funds have also modified their holdings of CRBG. Toronto Dominion Bank boosted its stake in Corebridge Financial by 22.0% during the 2nd quarter. Toronto Dominion Bank now owns 27,404 shares of the company's stock worth $798,000 after purchasing an additional 4,933 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in Corebridge Financial by 158.7% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,445,594 shares of the company's stock valued at $42,096,000 after acquiring an additional 886,794 shares during the last quarter. Sandia Investment Management LP lifted its stake in Corebridge Financial by 233.3% in the 2nd quarter. Sandia Investment Management LP now owns 25,000 shares of the company's stock worth $728,000 after purchasing an additional 17,500 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Corebridge Financial by 60.6% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 47,745 shares of the company's stock valued at $1,390,000 after purchasing an additional 18,022 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in Corebridge Financial by 201.1% during the second quarter. Marshall Wace LLP now owns 4,008,341 shares of the company's stock worth $116,723,000 after buying an additional 2,677,105 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Price Performance

Shares of CRBG traded up $0.58 during mid-day trading on Thursday, hitting $28.95. The company's stock had a trading volume of 2,098,747 shares, compared to its average volume of 4,032,314. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. Corebridge Financial, Inc. has a 1-year low of $18.83 and a 1-year high of $34.66. The firm has a market capitalization of $17.14 billion, a P/E ratio of 7.60, a P/E/G ratio of 0.39 and a beta of 0.97. The firm has a 50-day simple moving average of $27.97 and a 200 day simple moving average of $28.37.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. The company had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same period in the previous year, the firm earned $1.04 EPS. Analysts predict that Corebridge Financial, Inc. will post 4.73 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial's dividend payout ratio is currently 24.21%.

Wall Street Analysts Forecast Growth

CRBG has been the topic of several recent research reports. Morgan Stanley lowered their price target on shares of Corebridge Financial from $33.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Monday, August 19th. Bank of America cut their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a "buy" rating for the company in a report on Thursday, July 11th. Royal Bank of Canada lowered their price objective 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. Jefferies Financial Group increased their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, June 28th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 2nd. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, Corebridge Financial currently has a consensus rating of "Moderate Buy" and an average target price of $33.62.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 5,000,000 shares of the company'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 approximately $8,058,834,596.28. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders have sold 14,964,738 shares of company stock worth $400,732,195. 0.09% of the stock is owned by corporate insiders.

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.