Centiva Capital LP Sells 22,219 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Centiva Capital LP cut its position in Corebridge Financial, Inc. (NYSE:CRBG) by 27.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,901 shares of the company’s stock after selling 22,219 shares during the quarter. Centiva Capital LP’s holdings in Corebridge Financial were worth $1,718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in CRBG. Point72 Asia Singapore Pte. Ltd. bought a new position in Corebridge Financial in the third quarter valued at $27,000. Capital Performance Advisors LLP bought a new stake in Corebridge Financial in the 3rd quarter worth approximately $28,000. ORG Wealth Partners LLC purchased a new stake in Corebridge Financial in the third quarter worth approximately $29,000. HM Payson & Co. bought a new position in Corebridge Financial during the third quarter valued at approximately $29,000. Finally, LRI Investments LLC purchased a new position in shares of Corebridge Financial during the second quarter worth approximately $30,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the transaction, the insider now directly owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. This trade represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRBG. Piper Sandler cut their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Morgan Stanley raised their price target on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. TD Cowen increased their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Barclays upped their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Corebridge Financial Stock Up 1.1 %

Shares of NYSE:CRBG opened at $32.31 on Wednesday. The stock has a market capitalization of $18.38 billion, a price-to-earnings ratio of -15.46, a PEG ratio of 0.41 and a beta of 0.86. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial, Inc. has a 12-month low of $20.07 and a 12-month high of $34.66. The stock has a fifty day simple moving average of $30.89 and a two-hundred day simple moving average of $29.46.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.05 earnings per share. On average, research analysts anticipate that Corebridge Financial, Inc. will post 4.81 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is -44.02%.

Corebridge Financial Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.