Vinva Investment Management Ltd Makes New Investment in Corebridge Financial, Inc. (NYSE:CRBG)

Vinva Investment Management Ltd bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 102,593 shares of the company’s stock, valued at approximately $2,965,000.

Other large investors also recently made changes to their positions in the company. Public Sector Pension Investment Board grew its holdings in Corebridge Financial by 9.8% in the 3rd quarter. Public Sector Pension Investment Board now owns 35,861 shares of the company’s stock valued at $1,046,000 after buying an additional 3,200 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Corebridge Financial by 17.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,655,163 shares of the company’s stock valued at $48,265,000 after acquiring an additional 250,981 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Corebridge Financial by 79.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,836 shares of the company’s stock worth $1,628,000 after acquiring an additional 24,724 shares during the period. Quantbot Technologies LP raised its stake in Corebridge Financial by 892.2% in the 3rd quarter. Quantbot Technologies LP now owns 326,478 shares of the company’s stock worth $9,520,000 after purchasing an additional 293,573 shares in the last quarter. Finally, D.A. Davidson & CO. bought a new stake in Corebridge Financial in the 3rd quarter valued at about $359,000. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CRBG shares. Piper Sandler dropped their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. TD Cowen lifted their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday. Morgan Stanley increased their target price 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 their price target on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada cut their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 5,000,000 shares of Corebridge Financial stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the sale, the insider now directly owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This trade represents a 1.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.08% of the company’s stock.

Corebridge Financial Trading Up 1.1 %

CRBG opened at $32.41 on Friday. The company has a market cap of $18.44 billion, a P/E ratio of -15.51, a PEG ratio of 0.41 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. The company’s 50 day moving average is $30.66 and its 200-day moving average is $29.44. Corebridge Financial, Inc. has a 1-year low of $20.07 and a 1-year high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its earnings results 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 analyst estimates 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 quarter last year, the business posted $1.05 earnings per share. Equities research analysts predict that Corebridge Financial, Inc. will post 4.78 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company 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 2.84%. Corebridge Financial’s dividend payout ratio is currently -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.