American Century Companies Inc. Boosts Stock Position in Corebridge Financial, Inc. $CRBG

Key Points

• American Century Companies boosted its stake in Corebridge by 8.8% to 778,126 shares (about $24.94M); institutional investors now own roughly 98.25% of the stock, with Vanguard and Pzena also adding large positions.
• Q4 results beat expectations—$1.22 EPS vs. $1.11 est. and $6.34B revenue vs. $5.02B est.—but the company showed a negative net margin (-1.73%) despite a strong ROE (18.92%); shares were trading down ~3.1% and the market cap is about $12.22B.
• Corebridge raised its quarterly dividend to $0.25 (annual $1.00, ~3.9% yield), and analyst coverage is mixed with a consensus "Hold" rating and an average price target of $37.40 (7 Buys, 5 Holds, 1 Sell).

American Century Companies Inc. increased its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 8.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 778,126 shares of the company's stock after purchasing an additional 63,157 shares during the quarter. American Century Companies Inc. owned about 0.15% of Corebridge Financial worth $24,939,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Corebridge Financial by 7.2% in the 3rd quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company's stock worth $859,963,000 after purchasing an additional 1,805,819 shares during the period. Pzena Investment Management LLC increased its position in shares of Corebridge Financial by 19.3% during the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company's stock valued at $715,651,000 after buying an additional 3,605,498 shares during the period. LSV Asset Management lifted its holdings in shares of Corebridge Financial by 2.1% in the third quarter. LSV Asset Management now owns 4,685,535 shares of the company's stock worth $150,171,000 after buying an additional 98,435 shares in the last quarter. Norges Bank purchased a new stake in shares of Corebridge Financial in the second quarter worth about $145,632,000. Finally, Donald Smith & CO. Inc. boosted its position in shares of Corebridge Financial by 1.8% in the second quarter. Donald Smith & CO. Inc. now owns 4,083,348 shares of the company's stock valued at $144,959,000 after acquiring an additional 72,664 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Trading Down 3.1%

Shares of Corebridge Financial stock opened at $25.37 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 1 year low of $23.69 and a 1 year high of $36.57. The firm has a market cap of $12.22 billion, a PE ratio of -47.87, a PEG ratio of 0.36 and a beta of 1.12. The company has a 50 day simple moving average of $29.75 and a two-hundred day simple moving average of $30.96.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, February 9th. The company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.11. The firm had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. During the same quarter in the prior year, the firm earned $1.06 EPS. Analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a $0.25 dividend. This is a boost from Corebridge Financial's previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, March 17th. Corebridge Financial's payout ratio is currently -181.13%.

Analyst Ratings Changes

CRBG has been the subject of several recent analyst reports. Mizuho assumed coverage on shares of Corebridge Financial in a research note on Tuesday, December 16th. They set an "outperform" rating and a $38.00 price objective for the company. JPMorgan Chase & Co. cut their price target on shares of Corebridge Financial from $40.00 to $39.00 and set a "neutral" rating for the company in a report on Monday, January 5th. Zacks Research lowered shares of Corebridge Financial from a "hold" rating to a "strong sell" rating in a research report on Tuesday, January 27th. Barclays decreased their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating on the stock in a report on Tuesday, February 10th. Finally, UBS Group dropped their price objective on Corebridge Financial from $35.00 to $33.00 and set a "neutral" rating for the company in a research note on Thursday, January 8th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $37.40.

Corebridge Financial Profile

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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