Quantbot Technologies LP Invests $5.38 Million in Corebridge Financial, Inc. $CRBG

Quantbot Technologies LP acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, HoldingsChannel.com reports. The fund acquired 167,815 shares of the company’s stock, valued at approximately $5,378,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRBG. Allworth Financial LP bought a new stake in Corebridge Financial during the second quarter worth approximately $26,000. Smartleaf Asset Management LLC raised its position in shares of Corebridge Financial by 83.6% in the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after purchasing an additional 377 shares during the period. Root Financial Partners LLC acquired a new stake in shares of Corebridge Financial in the third quarter worth $32,000. Assetmark Inc. lifted its stake in shares of Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock worth $33,000 after buying an additional 356 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Corebridge Financial by 86.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock worth $46,000 after buying an additional 603 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Trading Down 7.4%

Corebridge Financial stock opened at $25.82 on Friday. The business has a 50 day moving average price of $30.23 and a two-hundred day moving average price of $31.28. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.57. The stock has a market cap of $12.44 billion, a price-to-earnings ratio of -48.71, a price-to-earnings-growth ratio of 0.37 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, February 9th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. The business had revenue of $6.34 billion for the quarter, compared to analysts’ expectations of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same period in the previous year, the business posted $1.06 earnings per share. As a group, equities analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Morgan Stanley reiterated an “equal weight” rating and issued a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Barclays lowered their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 10th. JPMorgan Chase & Co. dropped their price objective on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Monday, January 5th. Wells Fargo & Company decreased their target price on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, UBS Group lowered their target price on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Corebridge Financial presently has an average rating of “Hold” and an average price target of $37.50.

About Corebridge Financial

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.