Jacobs Levy Equity Management Inc. Acquires 915,848 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Jacobs Levy Equity Management Inc. increased its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 34.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,567,637 shares of the company’s stock after purchasing an additional 915,848 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.63% of Corebridge Financial worth $104,032,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Canada Pension Plan Investment Board lifted its position in Corebridge Financial by 249.3% in the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after acquiring an additional 4,507,322 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Corebridge Financial by 201.1% in the second quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock worth $116,723,000 after acquiring an additional 2,677,105 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Corebridge Financial by 150.1% during the second quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock valued at $103,707,000 after purchasing an additional 2,137,594 shares during the last quarter. AQR Capital Management LLC grew its holdings in Corebridge Financial by 40.3% in the 2nd quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after buying an additional 1,282,154 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its position in shares of Corebridge Financial by 158.7% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,445,594 shares of the company’s stock valued at $42,096,000 after acquiring an additional 886,794 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 5,000,000 shares of the company’s 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 $8,058,834,596.28. This represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.08% of the stock is owned by corporate insiders.

Corebridge Financial Price Performance

CRBG stock opened at $31.95 on Tuesday. The stock has a market capitalization of $18.18 billion, a price-to-earnings ratio of -15.29, 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 firm’s 50-day moving average price is $30.75 and its two-hundred day moving average price is $29.46.

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

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 2.88%. Corebridge Financial’s dividend payout ratio is -44.02%.

Wall Street Analysts Forecast Growth

CRBG has been the subject of a number of analyst reports. Piper Sandler cut their price target 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. Barclays upped their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Morgan Stanley boosted their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Corebridge Financial Company 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.