Brentview Investment Management LLC Buys 27,485 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Key Points

• Brentview Investment Management LLC increased its ownership in Corebridge Financial by 32.2%, adding 27,485 shares, resulting in a total of 112,739 shares worth approximately $3.56 million.
• Corebridge Financial has reported an EPS of $1.16 for the last quarter, exceeding the consensus estimate of $1.15, although its revenue of $4.74 billion fell short of expectations.
• The company announced a quarterly dividend of $0.24, representing an annualized dividend of $0.96 and a yield of 2.73%.

Brentview Investment Management LLC raised its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 32.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,739 shares of the company's stock after purchasing an additional 27,485 shares during the period. Brentview Investment Management LLC's holdings in Corebridge Financial were worth $3,559,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in Corebridge Financial by 31.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock worth $986,539,000 after buying an additional 7,828,929 shares during the period. Pzena Investment Management LLC increased its position in 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 buying an additional 3,412,147 shares during the period. AQR Capital Management LLC increased its position in Corebridge Financial by 10.5% in the 4th quarter. AQR Capital Management LLC now owns 5,556,761 shares of the company's stock worth $166,314,000 after buying an additional 527,376 shares during the period. Dimensional Fund Advisors LP increased its position in Corebridge Financial by 16.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,457,441 shares of the company's stock worth $163,344,000 after buying an additional 770,255 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position in 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 buying an additional 1,235,796 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Trading Down 3.1%

Shares of Corebridge Financial stock traded down $1.12 during trading hours on Friday, hitting $34.44. The company's stock had a trading volume of 3,383,932 shares, compared to its average volume of 2,181,304. Corebridge Financial, Inc. has a 12 month low of $23.69 and a 12 month high of $36.41. The stock has a 50 day moving average of $34.01 and a 200 day moving average of $32.28. The company has a market capitalization of $18.93 billion, a PE ratio of 29.19, a price-to-earnings-growth ratio of 0.58 and a beta of 1.06. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.01. The company had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $5.28 billion. Corebridge Financial had a return on equity of 22.19% and a net margin of 3.73%. During the same period in the prior year, the company earned $1.10 earnings per share. Analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Monday, June 16th. Corebridge Financial's dividend payout ratio (DPR) is currently 81.36%.

Wall Street Analyst Weigh In

Several brokerages have commented on CRBG. BMO Capital Markets lifted their price target on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research report on Friday, June 27th. Wall Street Zen cut Corebridge Financial from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Barclays boosted their price objective on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. JPMorgan Chase & Co. boosted their price objective on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company boosted 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Corebridge Financial currently has a consensus rating of "Moderate Buy" and an average price target of $39.91.

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.