Castle Hook Partners LP Reduces Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Castle Hook Partners LP lessened its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 24.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,877,476 shares of the company’s stock after selling 598,752 shares during the quarter. Corebridge Financial comprises approximately 1.0% of Castle Hook Partners LP’s portfolio, making the stock its 19th largest position. Castle Hook Partners LP’s holdings in Corebridge Financial were worth $54,747,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CRBG. Capital Performance Advisors LLP purchased a new position in Corebridge Financial during the third quarter worth about $28,000. ORG Wealth Partners LLC acquired a new position in shares of Corebridge Financial in the 3rd quarter worth approximately $29,000. HM Payson & Co. purchased a new position in shares of Corebridge Financial during the 3rd quarter worth approximately $29,000. LRI Investments LLC acquired a new stake in Corebridge Financial in the 2nd quarter valued at approximately $30,000. Finally, Covestor Ltd raised its position in Corebridge Financial by 118.8% in the third 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 period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRBG has been the subject of a number of research reports. Morgan Stanley lifted their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Barclays lifted 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. Piper Sandler lowered 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. TD Cowen upped their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Corebridge Financial Stock Up 1.1 %

Corebridge Financial stock opened at $32.42 on Thursday. The company has a market capitalization of $18.44 billion, a P/E ratio of -15.51, a PEG ratio of 0.41 and a beta of 0.90. Corebridge Financial, Inc. has a fifty-two week low of $20.07 and a fifty-two week high of $34.66. The stock has a 50-day simple moving average of $30.57 and a 200-day simple moving average of $29.42. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. The business had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company’s quarterly revenue was up 39.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.05 EPS. Equities research analysts expect that Corebridge Financial, Inc. will post 4.78 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the transaction, the insider now owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.08% 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.