PEAK6 LLC Purchases Shares of 143,970 Corebridge Financial, Inc. $CRBG

PEAK6 LLC bought a new stake in Corebridge Financial, Inc. (NYSE:CRBG) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 143,970 shares of the company’s stock, valued at approximately $4,122,000.

A number of other hedge funds have also recently bought and sold shares of the company. Rothschild Investment LLC lifted its position in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after purchasing an additional 520 shares in the last quarter. Bell Investment Advisors Inc bought a new position in Corebridge Financial in the 2nd quarter valued at $27,000. Sonoma Allocations LLC purchased a new position in shares of Corebridge Financial in the 1st quarter worth about $30,000. Allworth Financial LP purchased a new stake in Corebridge Financial during the second quarter worth about $41,000. Finally, Versant Capital Management Inc raised its position in Corebridge Financial by 1,124.2% in the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after acquiring an additional 1,484 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

CRBG opened at $31.91 on Monday. The firm has a 50-day moving average price of $31.13 and a 200-day moving average price of $28.24. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $35.22. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $14.22 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 0.41 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the firm earned $1.36 EPS. Equities analysts expect that Corebridge Financial, Inc. will post 4.6 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.

Insiders Place Their Bets

In related news, EVP Elizabeth B. Cropper sold 7,745 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction of $256,049.70. Following the sale, the executive vice president owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. This represents a 14.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider David Ditillo sold 12,414 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider owned 111,153 shares of the company’s stock, valued at approximately $3,779,202. This represents a 10.05% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 24,409 shares of company stock valued at $805,626 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on CRBG shares. Keefe, Bruyette & Woods increased their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. lowered their price target on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Piper Sandler upped their price objective on Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, August 12th. Wells Fargo & Company increased their price objective on Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Finally, Mizuho raised their target price on Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Thursday, July 9th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $37.42.

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.