Forum Financial Management LP Makes New $286,000 Investment in Corebridge Financial, Inc. (NYSE:CRBG)

Forum Financial Management LP acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 9,818 shares of the company’s stock, valued at approximately $286,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Canada Pension Plan Investment Board boosted its position in Corebridge Financial by 249.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after purchasing an additional 4,507,322 shares during the period. Donald Smith & CO. Inc. acquired a new position in shares of Corebridge Financial during the first quarter worth about $89,013,000. Capital Research Global Investors boosted its position in shares of Corebridge Financial by 9.9% in the first quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock worth $972,257,000 after buying an additional 3,059,354 shares during the period. Marshall Wace LLP grew 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 valued at $116,723,000 after buying an additional 2,677,105 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Corebridge Financial by 150.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock valued at $103,707,000 after buying an additional 2,137,594 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the 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 sale, the insider now directly owns 279,238,898 shares of the company’s stock, valued at $8,058,834,596.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Down 5.0 %

Shares of NYSE:CRBG opened at $29.99 on Wednesday. The company’s fifty day moving average is $29.46 and its two-hundred day moving average is $29.07. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a 1-year low of $18.83 and a 1-year high of $34.66. The stock has a market capitalization of $17.75 billion, a price-to-earnings ratio of 9.34, a price-to-earnings-growth ratio of 0.43 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last released 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. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business earned $1.05 earnings per share. Corebridge Financial’s quarterly revenue was up 39.5% on a year-over-year basis. Equities analysts anticipate that Corebridge Financial, Inc. will post 4.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Morgan Stanley increased their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday. Royal Bank of Canada dropped their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Piper Sandler decreased 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 report on Wednesday, October 2nd. UBS Group lifted their target price on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Finally, TD Cowen assumed coverage on Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price target for the company. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $34.85.

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.