Corebridge Financial, Inc. $CRBG Stake Cut by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. sold 1,170,793 shares of Corebridge Financial, Inc., reducing its stake by 24.4% to 3,632,640 shares, valued at approximately $114.68 million.
• Institutional investors hold a significant majority of Corebridge Financial, with a combined ownership of 98.25%, reflecting strong institutional interest in the stock.
• Corebridge Financial reported earnings of $1.36 per share, surpassing estimates, despite a revenue of $4.42 billion that fell short of expectations and a negative net margin of 1.80%.

Jacobs Levy Equity Management Inc. trimmed its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 24.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,632,640 shares of the company's stock after selling 1,170,793 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 0.66% of Corebridge Financial worth $114,682,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Corebridge Financial by 1.4% in the first quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock valued at $765,571,000 after purchasing an additional 324,692 shares during the period. AQR Capital Management LLC grew its holdings in Corebridge Financial by 50.0% in the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock valued at $258,880,000 after purchasing an additional 2,780,764 shares during the period. Pzena Investment Management LLC grew its holdings in Corebridge Financial by 73.6% in the first quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock valued at $254,158,000 after purchasing an additional 3,412,147 shares during the period. Dimensional Fund Advisors LP grew its holdings in Corebridge Financial by 6.8% in the first quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock valued at $184,034,000 after purchasing an additional 372,270 shares during the period. Finally, LSV Asset Management grew its holdings 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 during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Corebridge Financial

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 transaction, the insider directly owned 83,896,013 shares in the company, valued at $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 SEC, which is available through this hyperlink. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on CRBG shares. Keefe, Bruyette & Woods lifted their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. lifted their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. BMO Capital Markets lifted their price target on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Finally, Wells Fargo & Company lifted their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $40.80.

Corebridge Financial Stock Down 0.5%

Shares of CRBG stock traded down $0.17 during mid-day trading on Wednesday, reaching $33.23. 744,042 shares of the company were exchanged, compared to its average volume of 3,270,486. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market capitalization of $17.89 billion, a P/E ratio of -54.53, a P/E/G ratio of 0.56 and a beta of 1.06. The business's 50 day simple moving average is $34.61 and its 200 day simple moving average is $32.51.

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

Corebridge Financial Dividend Announcement

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

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.