Dimensional Fund Advisors LP Buys 372,270 Shares of 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 raised its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 6.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,829,711 shares of the company's stock after buying an additional 372,270 shares during the quarter. Dimensional Fund Advisors LP owned 1.06% of Corebridge Financial worth $184,034,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Sunbelt Securities Inc. acquired a new position in Corebridge Financial in the fourth quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. grew its position in Corebridge Financial by 80.2% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company's stock worth $50,000 after acquiring an additional 748 shares in the last quarter. Quarry LP acquired a new position in shares of Corebridge Financial during the 4th quarter worth $63,000. Golden State Wealth Management LLC bought a new position in shares of Corebridge Financial during the 1st quarter valued at $75,000. Finally, MetLife Investment Management LLC raised its holdings in shares of Corebridge Financial by 16.0% during the 4th quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock valued at $155,000 after purchasing an additional 715 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Stock Performance

NYSE:CRBG traded down $0.30 during trading hours on Monday, hitting $34.67. 1,684,154 shares of the company traded hands, compared to its average volume of 4,985,448. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The firm has a 50-day moving average of $34.48 and a 200 day moving average of $32.42. The stock has a market capitalization of $18.67 billion, a price-to-earnings ratio of -56.84, a P/E/G ratio of 0.59 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, topping 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 company had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same quarter last year, the firm earned $1.13 EPS. On average, analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

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

Insider Activity

In related news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on CRBG. Keefe, Bruyette & Woods raised their target price on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Barclays raised their price objective on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. JPMorgan Chase & Co. boosted their target price on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Wells Fargo & Company increased their price target on Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Finally, Morgan Stanley lifted their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research report on Friday, June 27th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Corebridge Financial currently has an average rating of "Moderate Buy" and an average price target of $40.70.

Corebridge Financial Company 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.