Arrowstreet Capital Limited Partnership Has $22.13 Million Stake in Corebridge Financial, Inc. $CRBG

Arrowstreet Capital Limited Partnership lifted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 723.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 623,267 shares of the company’s stock after buying an additional 547,561 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.12% of Corebridge Financial worth $22,126,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ raised its position in shares of Corebridge Financial by 101.9% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 339,177 shares of the company’s stock worth $12,041,000 after acquiring an additional 171,200 shares in the last quarter. Norges Bank bought a new stake in Corebridge Financial in the second quarter worth approximately $145,632,000. Korea Investment CORP lifted its stake in Corebridge Financial by 130.0% in the second quarter. Korea Investment CORP now owns 142,078 shares of the company’s stock valued at $5,044,000 after buying an additional 80,300 shares during the period. Employees Retirement System of Texas bought a new position in shares of Corebridge Financial during the 2nd quarter worth approximately $74,000. Finally, Russell Investments Group Ltd. grew its position in shares of Corebridge Financial by 113.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,272,797 shares of the company’s stock worth $45,195,000 after buying an additional 677,111 shares during the period. Institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Morgan Stanley reiterated an “equal weight” rating and set a $33.00 target price (down previously from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Wolfe Research initiated coverage on shares of Corebridge Financial in a report on Friday, October 10th. They set a “peer perform” rating on the stock. Barclays cut their price objective on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods decreased their target price on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research report on Thursday, October 9th. Finally, Wells Fargo & Company cut their price target on Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.40.

Corebridge Financial Stock Performance

Shares of CRBG opened at $30.33 on Monday. The firm has a market capitalization of $15.78 billion, a P/E ratio of 18.05, a P/E/G ratio of 0.42 and a beta of 1.04. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The stock has a 50 day moving average price of $30.76 and a two-hundred day moving average price of $32.76. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The company had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same period in the previous year, the firm earned $1.23 EPS. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. Equities analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Wednesday, December 17th. Corebridge Financial’s payout ratio is currently 57.14%.

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.