Cinctive Capital Management LP Has $11.19 Million Position in Corebridge Financial, Inc. (NYSE:CRBG)

Cinctive Capital Management LP cut its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 51.3% during the third quarter, HoldingsChannel reports. The fund owned 383,858 shares of the company’s stock after selling 403,684 shares during the quarter. Cinctive Capital Management LP’s holdings in Corebridge Financial were worth $11,193,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Corebridge Financial in the 3rd quarter worth about $27,000. Point72 Europe London LLP increased its holdings in Corebridge Financial by 2.2% in the third quarter. Point72 Europe London LLP now owns 218,925 shares of the company’s stock worth $6,384,000 after buying an additional 4,779 shares during the last quarter. Verition Fund Management LLC raised its position in Corebridge Financial by 267.2% during the third quarter. Verition Fund Management LLC now owns 60,446 shares of the company’s stock valued at $1,763,000 after acquiring an additional 43,984 shares in the last quarter. Vinva Investment Management Ltd acquired a new stake in Corebridge Financial in the third quarter valued at approximately $2,965,000. Finally, Public Sector Pension Investment Board grew its position in Corebridge Financial by 9.8% in the third quarter. Public Sector Pension Investment Board now owns 35,861 shares of the company’s stock worth $1,046,000 after acquiring an additional 3,200 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Stock Down 0.1 %

CRBG stock opened at $32.37 on Monday. Corebridge Financial, Inc. has a twelve month low of $20.07 and a twelve month high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The company has a market cap of $18.41 billion, a PE ratio of -15.49, a price-to-earnings-growth ratio of 0.42 and a beta of 0.90. The business’s 50-day simple moving average is $30.75 and its 200 day simple moving average is $29.46.

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

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Insider Activity

In other news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the transaction, the insider now directly owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This represents a 1.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.08% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CRBG shares. Piper Sandler reduced 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 upped their price target on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note 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 report on Wednesday, November 27th. Barclays boosted their target price on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Finally, DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.00.

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.