Deutsche Bank AG Purchases 40,745 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• Deutsche Bank AG increased its stake in Corebridge Financial, acquiring an additional 40,745 shares, bringing its total ownership to 363,108 shares, valued at approximately $11.46 million.
• Corebridge Financial reported an EPS of $1.36 for the last quarter, surpassing analysts' estimates, despite a negative net margin of 1.80% and revenues that fell short of expectations by $0.43 billion.
• A major shareholder, International Group American, sold 30 million shares of Corebridge Financial, resulting in a 26.34% decrease in their position, valued at over $1 billion.

Deutsche Bank AG raised its position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 12.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 363,108 shares of the company's stock after buying an additional 40,745 shares during the period. Deutsche Bank AG owned about 0.07% of Corebridge Financial worth $11,463,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CRBG. Price T Rowe Associates Inc. MD increased its holdings in shares of Corebridge Financial by 31.2% during the fourth 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 in the last quarter. Pzena Investment Management LLC increased its holdings in shares of Corebridge Financial by 73.6% in the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after purchasing an additional 3,412,147 shares in the last quarter. Truist Financial Corp increased its holdings in shares of Corebridge Financial by 2,686.2% in the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock valued at $49,109,000 after purchasing an additional 1,499,733 shares in the last quarter. LSV Asset Management increased its holdings in shares of Corebridge Financial by 51.3% in the first quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock valued at $136,920,000 after purchasing an additional 1,470,812 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of Corebridge Financial by 34.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 4,803,433 shares of the company's stock valued at $143,767,000 after purchasing an additional 1,235,796 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Wall Street Analyst Weigh In

CRBG has been the subject of a number of research reports. UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and raised their price target for the company from $28.00 to $37.00 in a report on Friday, July 11th. BMO Capital Markets raised their price target on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. JPMorgan Chase & Co. raised their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Morgan Stanley raised their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $40.70.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the transaction, the insider directly owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Corebridge Financial Trading Up 0.3%

CRBG traded up $0.11 during trading on Tuesday, reaching $34.22. 812,795 shares of the company's stock were exchanged, compared to its average volume of 3,308,403. The company's fifty day moving average price is $34.30 and its 200-day moving average price is $32.37. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57. The firm has a market capitalization of $18.43 billion, a PE ratio of -56.07, a P/E/G ratio of 0.57 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The firm had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same quarter in the previous year, the business earned $1.13 EPS. As a group, equities analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Corebridge Financial Profile

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.