Focus Partners Advisor Solutions LLC Acquires New Holdings in Corebridge Financial, Inc. $CRBG

Key Points

• Focus Partners Advisor Solutions LLC has acquired a new stake in Corebridge Financial, purchasing 13,731 shares valued at approximately $433,000.
• Corebridge Financial reported earnings of $1.36 per share for the last quarter, surpassing the consensus estimate of $1.15, while its revenue fell short of projections at $4.42 billion.
• The company has announced a quarterly dividend of $0.24, representing a 2.9% annualized yield, with a negative dividend payout ratio of -157.38% suggesting it is currently paying out more in dividends than it earns.

Focus Partners Advisor Solutions LLC acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 13,731 shares of the company's stock, valued at approximately $433,000.

Several other hedge funds also recently bought and sold shares of CRBG. Pzena Investment Management LLC grew its stake in Corebridge Financial by 73.6% during the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after acquiring an additional 3,412,147 shares in the last quarter. Nuveen LLC purchased a new stake in Corebridge Financial in the first quarter valued at approximately $100,404,000. Truist Financial Corp raised its stake in 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 raised its stake in 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. raised its stake in 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. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Trading Up 0.1%

CRBG stock opened at $33.66 on Friday. The company has a market capitalization of $18.12 billion, a PE ratio of -55.17, a price-to-earnings-growth ratio of 0.57 and a beta of 1.06. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The company's 50 day moving average price is $34.68 and its two-hundred day moving average price is $32.52. 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 (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.15 by $0.21. The firm had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same period last year, the firm posted $1.13 earnings per share. As a group, analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

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 issued a $0.24 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.9%. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Insider Activity

In other news, major shareholder International Group American sold 30,000,000 shares of the firm'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 value of $1,009,500,000.00. Following the transaction, the insider owned 83,896,013 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of recent analyst reports. UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and raised their target price for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Keefe, Bruyette & Woods raised their target price on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Piper Sandler raised their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Morgan Stanley raised their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, June 27th. Finally, Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and a consensus price target of $40.80.

About Corebridge Financial

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.

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