Davis Asset Management L.P. Acquires New Position in Corebridge Financial, Inc. $CRBG

Key Points

• Davis Asset Management acquired 5.8 million Corebridge Financial shares worth approximately $166.1 million, making CRBG its eighth-largest holding and representing a 1.3% stake. Institutional investors collectively own 98.25% of the company.
• Corebridge reported quarterly EPS of $1.12, beating estimates of $1.08, though revenue of $4.30 billion fell short of the $4.66 billion consensus. The company declared a quarterly dividend of $0.25 per share, implying a 3.1% yield.
• Analyst sentiment remains favorable, with nine Buy ratings and six Holds and an average price target of $37.42 versus the reported share price of $31.91. Several firms recently raised their targets, while insiders sold $805,626 of stock over the past three months.

Davis Asset Management L.P. bought a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 5,800,000 shares of the company's stock, valued at approximately $166,054,000. Corebridge Financial comprises approximately 4.2% of Davis Asset Management L.P.'s holdings, making the stock its 8th biggest holding. Davis Asset Management L.P. owned 1.30% of Corebridge Financial as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Pzena Investment Management LLC purchased a new position in shares of Corebridge Financial during the second quarter worth approximately $967,400,000. BlackRock Inc. bought a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $726,494,000. Norges Bank purchased a new stake in shares of Corebridge Financial in the 4th quarter valued at $611,550,000. Donald Smith & CO. Inc. purchased a new stake in shares of Corebridge Financial in the 2nd quarter valued at $168,134,000. Finally, State Street Corp boosted its stake in shares of Corebridge Financial by 44.3% in the 4th quarter. State Street Corp now owns 11,295,692 shares of the company's stock valued at $340,791,000 after purchasing an additional 3,465,371 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Trading Up 0.3%

NYSE:CRBG opened at $31.91 on Friday. The company has a fifty day moving average of $31.13 and a 200 day moving average of $28.26. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.22. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $14.22 billion, a P/E ratio of 18.66, a P/E/G ratio of 0.41 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the firm earned $1.36 EPS. On average, research analysts predict that Corebridge Financial, Inc. will post 4.6 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial's dividend payout ratio is currently 58.48%.

Insider Activity

In related news, EVP Elizabeth B. Cropper sold 7,745 shares of the business's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction of $256,049.70. Following the transaction, the executive vice president owned 46,473 shares in the company, valued at $1,536,397.38. The trade was a 14.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David Ditillo sold 12,414 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the transaction, the insider directly owned 111,153 shares of the company's stock, valued at $3,779,202. The trade was a 10.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 24,409 shares of company stock worth $805,626 over the last three months. 0.32% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of analyst reports. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an "overweight" rating in a research report on Wednesday. Piper Sandler upped their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, August 12th. Jefferies Financial Group raised their price objective on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, July 10th. UBS Group lifted their price objective on Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a report on Wednesday, July 8th. Finally, Zacks Research upgraded Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and an average target price of $37.42.

About Corebridge Financial

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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