Donald Smith & CO. Inc. Sells 313,518 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Key Points

• Donald Smith & CO. Inc. has trimmed its position in Corebridge Financial by 7.3%, now holding approximately 4 million shares, which constitutes about 3.1% of their portfolio.
• Corebridge Financial is set to pay a quarterly dividend of $0.24 on September 30, 2023, resulting in an annualized yield of 2.9%, despite having a negative dividend payout ratio of -157.38%.
• Following recent earnings reports, analysts have adjusted their price targets for Corebridge Financial, with estimates ranging from $38.00 to $44.00, leading to a consensus target price of $40.70 and a rating of "Moderate Buy".

Donald Smith & CO. Inc. decreased its holdings in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 7.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,010,684 shares of the company's stock after selling 313,518 shares during the period. Corebridge Financial comprises 3.1% of Donald Smith & CO. Inc.'s portfolio, making the stock its 12th largest holding. Donald Smith & CO. Inc. owned about 0.73% of Corebridge Financial worth $126,617,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Sunbelt Securities Inc. bought a new stake in Corebridge Financial during the fourth quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. boosted its position in Corebridge Financial by 80.2% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after purchasing an additional 748 shares during the period. Quarry LP bought a new stake in Corebridge Financial during the fourth quarter worth approximately $63,000. Golden State Wealth Management LLC bought a new stake in shares of Corebridge Financial in the first quarter valued at approximately $75,000. Finally, MetLife Investment Management LLC boosted its position in shares of Corebridge Financial by 16.0% in the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock valued at $155,000 after acquiring an additional 715 shares during the period. Institutional investors and hedge funds own 98.25% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CRBG. Wall Street Zen raised Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Wells Fargo & Company increased their price objective on Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. BMO Capital Markets upped their target price on Corebridge Financial from $43.00 to $44.00 and gave the company 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 target price for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Finally, Barclays upped 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. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.70.

Insider Activity at Corebridge Financial

In related 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 value of $1,009,500,000.00. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.29% of the company's stock.

Corebridge Financial Price Performance

Corebridge Financial stock traded down $0.13 during mid-day trading on Wednesday, hitting $34.12. 1,056,843 shares of the company were exchanged, compared to its average volume of 3,288,225. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. The business has a fifty day moving average of $34.21 and a 200 day moving average of $32.36. Corebridge Financial, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The company has a market capitalization of $18.37 billion, a PE ratio of -55.93, a price-to-earnings-growth ratio of 0.54 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.15 by $0.21. The company had revenue of $4.42 billion for the quarter, compared to analysts' expectations 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 in the prior year, the business earned $1.13 earnings per share. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.24 per share. 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 dividend payout ratio is presently -157.38%.

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.