Corebridge Financial, Inc. $CRBG Shares Bought by Pzena Investment Management LLC

Key Points

• Pzena Investment Management LLC increased its stake in Corebridge Financial by 132.6%, owning over 18.7 million shares after buying an additional 10.6 million shares in the second quarter.
• Corebridge Financial recently declared a quarterly dividend of $0.24 per share, yielding 3.1%, despite having a negative dividend payout ratio (DPR) of -157.38%.
• Corebridge Financial reported a positive EPS of $1.36 in its last quarterly earnings, surpassing expectations, while the company had a revenue of $4.42 billion, below analysts' projected $4.85 billion.

Pzena Investment Management LLC lifted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 132.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,723,701 shares of the company's stock after buying an additional 10,673,099 shares during the period. Corebridge Financial makes up approximately 2.2% of Pzena Investment Management LLC's portfolio, making the stock its 21st largest position. Pzena Investment Management LLC owned about 3.41% of Corebridge Financial worth $664,691,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CRBG. Nuveen LLC acquired a new stake in shares of Corebridge Financial during the 1st quarter worth approximately $100,404,000. AQR Capital Management LLC increased its holdings in shares of Corebridge Financial by 50.0% during the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock worth $258,880,000 after buying an additional 2,780,764 shares during the last quarter. Truist Financial Corp increased its holdings in shares of Corebridge Financial by 2,686.2% during 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 during the last quarter. LSV Asset Management increased 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 worth $136,920,000 after buying an additional 1,470,812 shares during the last quarter. Finally, AustralianSuper Pty Ltd increased its holdings in shares of Corebridge Financial by 65.0% during the 1st quarter. AustralianSuper Pty Ltd now owns 2,614,298 shares of the company's stock worth $82,533,000 after buying an additional 1,029,591 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $31.29 on Monday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market capitalization of $16.85 billion, a P/E ratio of -51.29, a PEG ratio of 0.55 and a beta of 1.02. The company has a 50 day moving average price of $33.44 and a 200 day moving average price of $32.53. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating the consensus estimate 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 company had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. During the same quarter last year, the company posted $1.13 EPS. Equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the insider owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.29% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wolfe Research assumed coverage on shares of Corebridge Financial in a report on Friday. They set a "peer perform" rating for the company. Barclays cut their price target on shares of Corebridge Financial from $46.00 to $39.00 and set an "overweight" rating for the company in a report on Wednesday, October 8th. UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and increased their price objective for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Piper Sandler increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $39.91.

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.

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