Deutsche Bank AG Invests $10.94 Million in Corebridge Financial, Inc. $CRBG

Key Points

• Deutsche Bank acquired 381,994 Corebridge Financial shares worth approximately $10.94 million, while institutional investors collectively owned 98.25% of the company.
• Analysts maintain a generally positive outlook, with nine Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $37.42.
• Corebridge beat quarterly EPS estimates, reporting $1.12 versus the $1.08 consensus, and declared a quarterly dividend of $0.25, equivalent to a 3.1% annual yield.

Deutsche Bank AG acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 381,994 shares of the company's stock, valued at approximately $10,936,000. Deutsche Bank AG owned approximately 0.09% of Corebridge Financial at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CRBG. Norges Bank purchased a new position in Corebridge Financial during the 4th quarter valued at approximately $611,550,000. State Street Corp increased its stake in Corebridge Financial by 44.3% in the 4th quarter. State Street Corp now owns 11,295,692 shares of the company's stock worth $340,791,000 after acquiring an additional 3,465,371 shares during the last quarter. Pzena Investment Management LLC raised its holdings in shares of Corebridge Financial by 14.4% during the 1st quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company's stock worth $645,313,000 after acquiring an additional 3,413,384 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Corebridge Financial by 91.5% during the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company's stock worth $178,340,000 after acquiring an additional 2,823,801 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Corebridge Financial by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock valued at $211,575,000 after acquiring an additional 2,689,611 shares during the last quarter. Institutional investors own 98.25% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on CRBG shares. Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. JPMorgan Chase & Co. lowered their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating for the company in a research report on Tuesday, May 12th. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. TD Cowen boosted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Finally, UBS Group upped their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and a consensus price target of $37.42.

Insider Transactions at Corebridge Financial

In related news, EVP Elizabeth B. Cropper sold 7,745 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total value of $256,049.70. Following the sale, the executive vice president directly owned 46,473 shares of the company's stock, valued at $1,536,397.38. This represents a 14.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider David Ditillo sold 12,414 shares of the stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the completion of the sale, the insider directly owned 111,153 shares in the company, valued at $3,779,202. This trade represents a 10.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 24,409 shares of company stock valued at $805,626. 0.32% of the stock is owned by corporate insiders.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $31.91 on Monday. The firm has a market capitalization of $14.22 billion, a PE ratio of 18.66, a PEG ratio of 0.41 and a beta of 1.08. The stock's fifty day moving average is $31.13 and its 200 day moving average is $28.24. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.22. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The company had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the firm earned $1.36 earnings per share. On average, sell-side analysts anticipate 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 $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is 58.48%.

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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