Pzena Investment Management LLC Has $254.16 Million Position in Corebridge Financial, Inc. (NYSE:CRBG)

Pzena Investment Management LLC raised its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 73.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,050,602 shares of the company's stock after purchasing an additional 3,412,147 shares during the period. Pzena Investment Management LLC owned 1.46% of Corebridge Financial worth $254,158,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRBG. PNC Financial Services Group Inc. grew its stake in Corebridge Financial by 70.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,322 shares of the company's stock worth $129,000 after buying an additional 1,787 shares during the period. EverSource Wealth Advisors LLC grew its stake in Corebridge Financial by 25.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company's stock worth $49,000 after buying an additional 329 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in Corebridge Financial by 288.4% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 32,855 shares of the company's stock worth $983,000 after buying an additional 24,396 shares during the period. Xponance Inc. boosted its stake in shares of Corebridge Financial by 47.7% in the fourth quarter. Xponance Inc. now owns 32,999 shares of the company's stock valued at $988,000 after purchasing an additional 10,663 shares during the period. Finally, Algebris UK Ltd boosted its stake in shares of Corebridge Financial by 21.3% in the fourth quarter. Algebris UK Ltd now owns 849,352 shares of the company's stock valued at $24,552,000 after purchasing an additional 148,971 shares during the period. Institutional investors and hedge funds own 98.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Morgan Stanley upped their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, June 27th. BMO Capital Markets increased their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. JPMorgan Chase & Co. increased their price objective on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Finally, Wall Street Zen downgraded shares of Corebridge Financial from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.91.

Corebridge Financial Price Performance

Shares of CRBG traded down $0.03 during mid-day trading on Friday, hitting $35.27. The company's stock had a trading volume of 1,570,109 shares, compared to its average volume of 3,245,773. The firm has a 50-day moving average price of $33.36 and a 200 day moving average price of $31.92. The stock has a market capitalization of $19.39 billion, a price-to-earnings ratio of 29.89, a PEG ratio of 0.57 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, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.08.

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

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend was Monday, June 16th. Corebridge Financial's payout ratio is 81.36%.

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.