Dimensional Fund Advisors LP Grows Position in Corebridge Financial, Inc. $CRBG

Key Points

• Dimensional Fund Advisors LP increased its stake in Corebridge Financial by 6.8%, acquiring an additional 372,270 shares, bringing its total holdings to 5,829,711 shares worth approximately $184 million.
• Major shareholder International Group American sold 30 million shares of Corebridge Financial for over $1 billion, reducing their ownership by 26.34% to 83.9 million shares post-transaction.
• The company's recent quarterly earnings report showed a surge in EPS to $1.36, surpassing estimates, despite a revenue decline relative to expectations.

Dimensional Fund Advisors LP boosted its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 6.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,829,711 shares of the company's stock after purchasing an additional 372,270 shares during the period. Dimensional Fund Advisors LP owned about 1.06% of Corebridge Financial worth $184,034,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in shares of Corebridge Financial by 14.7% in the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock valued at $42,399,000 after buying an additional 172,475 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of Corebridge Financial by 227.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock worth $46,045,000 after purchasing an additional 1,013,259 shares during the period. Atlas Capital Advisors Inc. increased its holdings in shares of Corebridge Financial by 1,178.9% in the 1st quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company's stock valued at $801,000 after purchasing an additional 23,401 shares in the last quarter. Truist Financial Corp lifted its stake 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 during the period. Finally, Merit Financial Group LLC purchased a new stake in Corebridge Financial during the first quarter worth about $832,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CRBG. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their price target for the company from $28.00 to $37.00 in a research report on Friday, July 11th. BMO Capital Markets upped their target price on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Barclays increased their price objective on shares of Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Finally, Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $40.70.

Corebridge Financial Trading Up 2.4%

Shares of Corebridge Financial stock traded up $0.8040 during trading hours on Friday, reaching $34.9140. 2,729,442 shares of the company's stock were exchanged, compared to its average volume of 4,940,197. Corebridge Financial, Inc. has a 52-week low of $23.69 and a 52-week high of $36.57. The company has a fifty day moving average of $34.43 and a 200-day moving average of $32.42. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $18.80 billion, a price-to-earnings ratio of -57.24, a price-to-earnings-growth ratio of 0.58 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, beating the consensus estimate of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The firm had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same period in the prior year, the firm posted $1.13 earnings per share. Sell-side analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider owned 83,896,013 shares of the company's stock, valued at approximately $2,823,100,837.45. This represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.29% of the company's stock.

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.