Corebridge Financial, Inc. (NYSE:CRBG) is Renaissance Capital LLC's 7th Largest Position

Renaissance Capital LLC lessened its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 14.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 235,664 shares of the company's stock after selling 40,053 shares during the quarter. Corebridge Financial accounts for 4.6% of Renaissance Capital LLC's investment portfolio, making the stock its 7th biggest position. Renaissance Capital LLC's holdings in Corebridge Financial were worth $7,053,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CRBG. Fortitude Family Office LLC bought a new position in shares of Corebridge Financial in the fourth quarter worth approximately $27,000. FNY Investment Advisers LLC purchased a new position in shares of Corebridge Financial in the fourth quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Corebridge Financial during the third quarter valued at about $27,000. Capital Performance Advisors LLP purchased a new stake in shares of Corebridge Financial during the third quarter worth about $28,000. Finally, HM Payson & Co. bought a new stake in shares of Corebridge Financial in the third quarter worth about $29,000. 98.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CRBG shares. Morgan Stanley increased their price objective on Corebridge Financial from $31.00 to $34.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 5th. Barclays raised shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price objective on the stock in a research report on Monday, January 6th. Piper Sandler raised their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and boosted their price target for the company from $33.00 to $40.00 in a research report on Friday, January 10th. Finally, BMO Capital Markets began coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and a consensus target price of $36.43.

Corebridge Financial Stock Performance

NYSE:CRBG traded up $0.23 on Friday, hitting $33.45. The stock had a trading volume of 2,815,965 shares, compared to its average volume of 3,120,659. Corebridge Financial, Inc. has a 52-week low of $23.13 and a 52-week high of $34.66. The stock has a market cap of $19.03 billion, a price-to-earnings ratio of -16.00, a price-to-earnings-growth ratio of 0.38 and a beta of 0.94. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The business's 50-day simple moving average is $31.34 and its two-hundred day simple moving average is $30.04.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted 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. The firm had revenue of $5.53 billion for the quarter, compared to analysts' expectations of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business's quarterly revenue was up 39.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.05 EPS. As a group, research analysts predict that Corebridge Financial, Inc. will post 4.8 earnings per share for the current year.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction that occurred on 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 sale, the insider now owns 127,282,642 shares of the company's stock, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.08% of the stock is owned by corporate insiders.

Corebridge Financial Company 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.