Ghisallo Capital Management LLC Makes New $3.21 Million Investment in Corebridge Financial, Inc. $CRBG

Ghisallo Capital Management LLC acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 100,000 shares of the company’s stock, valued at approximately $3,205,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of 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 buying an additional 1,805,819 shares in the last quarter. Pzena Investment Management LLC grew its stake in Corebridge Financial by 19.3% during the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock valued at $715,651,000 after acquiring an additional 3,605,498 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Corebridge Financial by 6.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock valued at $214,372,000 after acquiring an additional 430,308 shares during the last quarter. LSV Asset Management increased its holdings in Corebridge Financial by 2.1% in the 3rd quarter. LSV Asset Management now owns 4,685,535 shares of the company’s stock valued at $150,171,000 after acquiring an additional 98,435 shares during the last quarter. Finally, Norges Bank purchased a new stake in Corebridge Financial in the 2nd quarter worth $145,632,000. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRBG. JPMorgan Chase & Co. dropped their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Monday, January 5th. Morgan Stanley reduced their target price on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 3rd. TD Cowen dropped their price target on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday. Barclays cut their price target on Corebridge Financial from $34.00 to $33.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Weiss Ratings downgraded Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $37.09.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $23.48 on Friday. The firm has a fifty day simple moving average of $29.11 and a two-hundred day simple moving average of $30.65. Corebridge Financial, Inc. has a 52 week low of $22.32 and a 52 week high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $11.31 billion, a P/E ratio of -44.29, a PEG ratio of 0.35 and a beta of 1.11.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The firm had revenue of $6.34 billion for the quarter, compared to analysts’ expectations of $5.02 billion. During the same period in the prior year, the company earned $1.06 EPS. On average, analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 4.3%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently -181.13%.

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.