Hotchkis & Wiley Capital Management LLC Sells 181,974 Shares of Corebridge Financial, Inc. $CRBG

Key Points

• Hotchkis & Wiley Capital Management LLC has reduced its stake in Corebridge Financial, Inc. to approximately 1.41%, valued at $245.04 million, after selling 181,974 shares during the first quarter.
• Corebridge Financial's stock recently increased by 2.4%, and the company's market cap stands at $18.80 billion, with a PE ratio of -57.24.
• The firm announced a quarterly dividend of $0.24 per share, set to be paid on September 30th, representing an annualized yield of 2.7% despite a negative dividend payout ratio.

Hotchkis & Wiley Capital Management LLC lowered its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 2.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,761,789 shares of the company's stock after selling 181,974 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 1.41% of Corebridge Financial worth $245,040,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CRBG. Bank of New York Mellon Corp boosted its stake in shares of Corebridge Financial by 14.7% in the first 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. increased its holdings in shares of Corebridge Financial by 227.6% during the first quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock worth $46,045,000 after buying an additional 1,013,259 shares in the last quarter. Atlas Capital Advisors Inc. increased its holdings in shares of Corebridge Financial by 1,178.9% during the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company's stock worth $801,000 after buying an additional 23,401 shares in the last quarter. Truist Financial Corp increased its holdings 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 during the period. Finally, Merit Financial Group LLC acquired a new stake in Corebridge Financial in the first quarter valued at $832,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Stock Performance

Shares of CRBG stock traded up $0.03 during trading hours on Wednesday, hitting $35.01. 2,010,705 shares of the company were exchanged, compared to its average volume of 3,298,277. The firm has a fifty day simple moving average of $34.54 and a 200 day simple moving average of $32.43. 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 52-week low of $23.69 and a 52-week high of $36.57. The stock has a market capitalization of $18.85 billion, a price-to-earnings ratio of -57.39, a P/E/G ratio of 0.58 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same quarter last year, the business posted $1.13 EPS. Research analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's payout ratio is currently -157.38%.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial 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 completion of the transaction, the insider directly owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. The trade was a 26.34% decrease in their position. The transaction was disclosed in a filing 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

A number of analysts have weighed in on CRBG shares. Wells Fargo & Company increased their price target on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Barclays increased their price objective on shares of Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. BMO Capital Markets increased their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research report on Friday, June 27th. Finally, 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 research report on Friday, June 27th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $40.70.

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.