Quantbot Technologies LP Makes New Investment in Corebridge Financial, Inc. $CRBG

Quantbot Technologies LP bought a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 167,815 shares of the company’s stock, valued at approximately $5,378,000.

A number of other large investors also recently modified their holdings of CRBG. Vanguard Group Inc. lifted its holdings in Corebridge Financial by 7.2% in the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock worth $859,963,000 after acquiring an additional 1,805,819 shares during the last quarter. Algebris UK Ltd. increased its position in Corebridge Financial by 31.4% in the third quarter. Algebris UK Ltd. now owns 1,393,378 shares of the company’s stock worth $44,624,000 after buying an additional 333,245 shares during the period. Machina Capital S.A.S. bought a new stake in Corebridge Financial in the third quarter valued at $1,182,000. Assenagon Asset Management S.A. boosted its holdings in shares of Corebridge Financial by 928.9% during the third quarter. Assenagon Asset Management S.A. now owns 68,226 shares of the company’s stock valued at $2,187,000 after acquiring an additional 61,595 shares during the period. Finally, Retirement Systems of Alabama grew its position in shares of Corebridge Financial by 77.9% during the third quarter. Retirement Systems of Alabama now owns 132,900 shares of the company’s stock worth $4,259,000 after acquiring an additional 58,200 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Down 7.4%

Shares of Corebridge Financial stock opened at $25.82 on Friday. The firm has a market cap of $12.44 billion, a price-to-earnings ratio of -48.71, a P/E/G ratio of 0.37 and a beta of 1.04. The stock has a 50-day simple moving average of $30.23 and a 200-day simple moving average of $31.28. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, February 9th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.11. The firm had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. During the same quarter last year, the firm earned $1.06 earnings per share. On average, equities research analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, March 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.9%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s payout ratio is -181.13%.

Analyst Ratings Changes

Several brokerages recently weighed in on CRBG. JPMorgan Chase & Co. cut their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research report on Monday, January 5th. Mizuho began coverage on shares of Corebridge Financial in a research note on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price objective on the stock. Evercore dropped their price target on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. UBS Group cut their price objective on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $33.00 price objective (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Corebridge Financial presently has a consensus rating of “Hold” and an average target price of $37.50.

Corebridge Financial Company 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.