Machina Capital S.A.S. Acquires New Shares in Corebridge Financial, Inc. $CRBG

Machina Capital S.A.S. bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 36,892 shares of the company’s stock, valued at approximately $1,182,000.

Other institutional investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. lifted its position in shares of Corebridge Financial by 5.4% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,644,906 shares of the company’s stock worth $52,719,000 after purchasing an additional 84,161 shares during the period. Legend Financial Advisors Inc. raised its stake in Corebridge Financial by 2.6% in the third quarter. Legend Financial Advisors Inc. now owns 25,556 shares of the company’s stock worth $819,000 after buying an additional 655 shares in the last quarter. Keybank National Association OH raised its stake in Corebridge Financial by 3.4% in the third quarter. Keybank National Association OH now owns 13,444 shares of the company’s stock worth $431,000 after buying an additional 438 shares in the last quarter. National Pension Service purchased a new stake in Corebridge Financial during the third quarter worth $71,000. Finally, Arizona State Retirement System boosted its position in Corebridge Financial by 9.0% during the 3rd quarter. Arizona State Retirement System now owns 79,680 shares of the company’s stock valued at $2,554,000 after acquiring an additional 6,552 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 opened at $31.20 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. The company’s fifty day moving average price is $30.53 and its 200-day moving average price is $31.87. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The firm has a market capitalization of $16.24 billion, a PE ratio of 18.57, a price-to-earnings-growth ratio of 0.42 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same period in the prior year, the company posted $1.23 earnings per share. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. On average, equities research analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Weiss Ratings cut Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. Keefe, Bruyette & Woods reduced their target price on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Thursday, October 9th. Wells Fargo & Company decreased their price target on shares of Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Evercore ISI lowered their price target on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $33.00 price objective (down previously from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $37.70.

Corebridge Financial Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.