Brandywine Global Investment Management LLC Acquires Shares of 464,062 Corebridge Financial, Inc. $CRBG

Key Points

• Brandywine Global Investment Management LLC purchased 464,062 shares of Corebridge Financial, valued at approximately $14.65 million, increasing institutional ownership in the company to 98.25%.
• Corebridge Financial recently announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.8% and a negative dividend payout ratio of -157.38%.
• Multiple brokerages have raised their price targets for Corebridge Financial, with an average target price now at $40.70, reflecting overall positive sentiment towards the stock.

Brandywine Global Investment Management LLC purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 464,062 shares of the company's stock, valued at approximately $14,650,000. Brandywine Global Investment Management LLC owned about 0.08% of Corebridge Financial at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. MetLife Investment Management LLC grew its position in shares of Corebridge Financial by 16.0% in the 4th quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock worth $155,000 after buying an additional 715 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Corebridge Financial by 80.2% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after buying an additional 748 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in shares of Corebridge Financial in the 4th quarter worth approximately $30,000. Cerity Partners LLC grew its position in shares of Corebridge Financial by 4.6% in the 4th quarter. Cerity Partners LLC now owns 22,596 shares of the company's stock worth $675,000 after buying an additional 1,001 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of Corebridge Financial by 0.4% in the 1st quarter. Rhumbline Advisers now owns 307,352 shares of the company's stock worth $9,703,000 after buying an additional 1,215 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Performance

Shares of CRBG traded up $0.0430 during trading hours on Thursday, hitting $34.2430. The stock had a trading volume of 885,176 shares, compared to its average volume of 3,315,840. 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 12 month low of $23.69 and a 12 month high of $36.57. The firm has a market capitalization of $18.44 billion, a PE ratio of -56.07, a PEG ratio of 0.58 and a beta of 1.06. The stock has a fifty day moving average price of $34.35 and a 200 day moving average price of $32.40.

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

Corebridge Financial Dividend Announcement

The firm 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 $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's payout ratio is presently -157.38%.

Analyst Ratings Changes

A number of research firms have recently commented on CRBG. Barclays raised their target price on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. JPMorgan Chase & Co. boosted their price target on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Wells Fargo & Company boosted their price target on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Finally, Morgan Stanley boosted their price target on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Corebridge Financial currently has an average rating of "Moderate Buy" and an average price target of $40.70.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the transaction, the insider directly owned 83,896,013 shares in the company, valued at $2,823,100,837.45. The trade was a 26.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is owned by 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.