AQR Capital Management LLC Acquires 2,780,764 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• AQR Capital Management LLC increased its stake in Corebridge Financial by 50%, acquiring 2,780,764 additional shares, bringing its total ownership to 8,337,525 shares valued at approximately $258.9 million.
• The company plans to pay a quarterly dividend of $0.24 per share on September 30th, yielding 2.8%, despite a negative dividend payout ratio of -157.38%.
• Analysts have set new target prices for Corebridge Financial, with Barclays raising it to $45, reflecting a generally positive outlook among several research firms.

AQR Capital Management LLC grew its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 50.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,337,525 shares of the company's stock after buying an additional 2,780,764 shares during the quarter. AQR Capital Management LLC owned 1.52% of Corebridge Financial worth $258,880,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Corebridge Financial by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock valued at $765,571,000 after buying an additional 324,692 shares during the period. Pzena Investment Management LLC increased its stake in shares of 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 purchasing an additional 3,412,147 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Corebridge Financial by 6.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock worth $184,034,000 after purchasing an additional 372,270 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Corebridge Financial by 34.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 4,803,433 shares of the company's stock worth $143,767,000 after purchasing an additional 1,235,796 shares in the last quarter. Finally, LSV Asset Management increased its stake in shares of Corebridge Financial by 51.3% in the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock worth $136,920,000 after purchasing an additional 1,470,812 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CRBG. BMO Capital Markets upped their price objective on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and upped their price objective for the stock from $28.00 to $37.00 in a research note on Friday, July 11th. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Morgan Stanley upped their price objective on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Finally, Keefe, Bruyette & Woods upped their price objective on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and a consensus target price of $40.80.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock traded up $0.04 during trading on Friday, reaching $33.66. 6,886,965 shares of the stock traded hands, compared to its average volume of 3,582,802. The company has a market capitalization of $18.12 billion, a price-to-earnings ratio of -55.17, a P/E/G ratio of 0.57 and a beta of 1.06. The business has a fifty day simple moving average of $34.68 and a two-hundred day simple moving average of $32.51. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57.

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

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial's dividend payout ratio (DPR) is presently -157.38%.

Insider Buying and Selling at Corebridge Financial

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

Corebridge Financial 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.