Sugar Maple Asset Management LLC Takes $254,000 Position in Corebridge Financial, Inc. (NYSE:CRBG)

Sugar Maple Asset Management LLC purchased a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 8,500 shares of the company’s stock, valued at approximately $254,000.

A number of other hedge funds have also modified their holdings of the business. Covestor Ltd raised its position in shares of Corebridge Financial by 118.8% during the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after purchasing an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Corebridge Financial by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after purchasing an additional 585 shares during the last quarter. Xponance Inc. raised its position in shares of Corebridge Financial by 3.0% during the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after purchasing an additional 612 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Corebridge Financial by 3.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock worth $740,000 after purchasing an additional 770 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of Corebridge Financial by 4.2% during the 3rd quarter. CIBC Asset Management Inc now owns 19,579 shares of the company’s stock worth $571,000 after purchasing an additional 793 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Trading Up 0.9 %

CRBG stock opened at $31.99 on Tuesday. The business has a fifty day simple moving average of $30.84 and a 200-day simple moving average of $29.70. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial, Inc. has a 52 week low of $23.01 and a 52 week high of $34.66. The company has a market cap of $18.20 billion, a price-to-earnings ratio of -15.31, a PEG ratio of 0.33 and a beta of 0.92.

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, topping analysts’ consensus estimates 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 analysts’ expectations of $5.66 billion. During the same period in the prior year, the company earned $1.05 EPS. The firm’s revenue was up 39.5% on a year-over-year basis. On average, equities research analysts expect that Corebridge Financial, Inc. will post 4.83 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.88%. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

Analysts Set New Price Targets

CRBG has been the subject of several analyst reports. Wells Fargo & Company cut their price target on Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Tuesday, January 14th. Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a report on Monday, January 6th. Morgan Stanley boosted their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Piper Sandler boosted their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, TD Cowen boosted their price target on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.92.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the transaction, the insider now directly owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.08% of the stock is owned by corporate insiders.

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.