American Century Companies Inc. Has $16.31 Million Stake in Corebridge Financial, Inc. $CRBG

Key Points

• American Century Companies Inc. increased its stake in Corebridge Financial, Inc. by 58.6%, owning approximately 516,617 shares worth about $16.31 million.
• Corebridge Financial reported better-than-expected earnings of $1.36 per share for the last quarter, surpassing estimates by $0.21 despite a negative net margin of 1.80%.
• Corebridge Financial declared a quarterly dividend of $0.24 per share, with an annual yield of 2.7%, expected to be paid on September 30th.

American Century Companies Inc. boosted its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 58.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 516,617 shares of the company's stock after buying an additional 190,925 shares during the quarter. American Century Companies Inc. owned approximately 0.09% of Corebridge Financial worth $16,310,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRBG. Pzena Investment Management LLC lifted its position in Corebridge Financial by 73.6% in the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after buying an additional 3,412,147 shares in the last quarter. Nuveen LLC purchased a new stake in Corebridge Financial in the 1st quarter worth approximately $100,404,000. Truist Financial Corp lifted its position in Corebridge Financial by 2,686.2% in the 1st quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after buying an additional 1,499,733 shares in the last quarter. LSV Asset Management raised its holdings in shares of Corebridge Financial by 51.3% during the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock valued at $136,920,000 after purchasing an additional 1,470,812 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Corebridge Financial by 34.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 4,803,433 shares of the company's stock valued at $143,767,000 after purchasing an additional 1,235,796 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Performance

NYSE:CRBG traded down $0.13 during midday trading on Friday, reaching $34.77. The stock had a trading volume of 1,565,215 shares, compared to its average volume of 4,881,731. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The firm's fifty day simple moving average is $34.67 and its 200-day simple moving average is $32.48. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market capitalization of $18.72 billion, a P/E ratio of -56.99, a PEG ratio of 0.59 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The business had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the business posted $1.13 EPS. On average, equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Barclays raised their price target on shares of Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and raised their price target for the company from $28.00 to $37.00 in a report on Friday, July 11th. Wall Street Zen upgraded shares of Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. raised their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Wells Fargo & Company raised their price target on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Corebridge Financial presently has an average rating of "Moderate Buy" and an average target price of $40.70.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the sale, the insider directly owned 83,896,013 shares in the company, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.29% of the stock is owned by corporate insiders.

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.