Soros Fund Management LLC Purchases 37,252 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Soros Fund Management LLC raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 7.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 571,252 shares of the company’s stock after acquiring an additional 37,252 shares during the quarter. Soros Fund Management LLC’s holdings in Corebridge Financial were worth $16,658,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CRBG. Covestor Ltd lifted its holdings in 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 in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Corebridge Financial by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after acquiring an additional 585 shares during the period. Commonwealth Equity Services LLC grew its stake in Corebridge Financial by 2.7% during the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock valued at $650,000 after acquiring an additional 597 shares in the last quarter. Xponance Inc. increased its holdings in 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 acquiring an additional 612 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in Corebridge Financial by 3.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after purchasing an additional 732 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

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

Insider Activity

In other news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction 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 owns 279,238,898 shares in the company, valued at $8,058,834,596.28. The trade was a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.08% of the company’s stock.

Corebridge Financial Trading Up 0.1 %

NYSE:CRBG opened at $32.49 on Friday. The company has a 50-day moving average price of $31.04 and a 200-day moving average price of $29.50. The stock has a market cap of $18.48 billion, a price-to-earnings ratio of -15.54, a P/E/G 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.

Corebridge Financial (NYSE:CRBG) last posted its 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. The firm had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.05 EPS. Equities analysts predict that Corebridge Financial, Inc. will post 4.81 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is currently -44.02%.

About Corebridge Financial

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.