Dimensional Fund Advisors LP Acquires 2,689,611 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• Dimensional Fund Advisors LP boosted its Corebridge Financial stake by 43.5% in Q1, adding 2,689,611 shares and bringing its total holdings to 8,870,085 shares, worth about $211.6 million.
• Analyst sentiment remains constructive: several firms raised price targets, and the stock now carries a consensus Moderate Buy rating with an average price target of $36.75.
• Corebridge shares were up 1.4% to $31.28, while the company recently reported mixed earnings—missing both EPS and revenue estimates—and paid a quarterly dividend of $0.25 per share.

Dimensional Fund Advisors LP raised its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 43.5% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 8,870,085 shares of the company's stock after purchasing an additional 2,689,611 shares during the period. Dimensional Fund Advisors LP owned approximately 1.84% of Corebridge Financial worth $211,575,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Bank of Nova Scotia raised its position in Corebridge Financial by 3.8% in the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company's stock worth $331,000 after acquiring an additional 340 shares during the period. Integrated Wealth Concepts LLC lifted its stake in Corebridge Financial by 2.5% during the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company's stock worth $494,000 after purchasing an additional 383 shares during the last quarter. Van ECK Associates Corp raised its position in Corebridge Financial by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 4,684 shares of the company's stock worth $141,000 after purchasing an additional 435 shares during the period. Empowered Funds LLC grew its holdings in shares of Corebridge Financial by 7.1% in the fourth quarter. Empowered Funds LLC now owns 7,042 shares of the company's stock worth $212,000 after purchasing an additional 465 shares during the last quarter. Finally, Assetmark Inc. raised its position in Corebridge Financial by 35.0% during the 4th quarter. Assetmark Inc. now owns 1,877 shares of the company's stock valued at $57,000 after purchasing an additional 487 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of research analyst reports. UBS Group upped their target price on Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a report on Wednesday, July 8th. Bank of America cut their target price on Corebridge Financial from $42.00 to $40.00 and set a "buy" rating on the stock in a research note on Tuesday, April 14th. Barclays increased their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. Finally, Jefferies Financial Group boosted their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a report on Friday, July 10th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.75.

Corebridge Financial Trading Up 1.4%

Shares of CRBG stock opened at $31.28 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.57. The company has a market cap of $13.95 billion, a PE ratio of 56.88, a price-to-earnings-growth ratio of 0.38 and a beta of 1.10. The stock's 50 day simple moving average is $28.90 and its two-hundred day simple moving average is $27.94.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.02). The firm had revenue of $4.08 billion during the quarter, compared to analysts' expectations of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period in the prior year, the company posted $1.16 EPS. Research analysts predict that Corebridge Financial, Inc. will post 4.6 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial's payout ratio is currently 181.82%.

Insider Activity at Corebridge Financial

In other news, insider David Ditillo sold 4,250 shares of the firm's stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the transaction, the insider directly owned 128,153 shares of the company's stock, valued at approximately $3,844,590. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.29% of the company's stock.

Corebridge Financial Company Profile

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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