Jacobs Levy Equity Management Inc. Sells 1,170,793 Shares of Corebridge Financial, Inc. $CRBG

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. lessened its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 24.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,632,640 shares of the company's stock after selling 1,170,793 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.66% of Corebridge Financial worth $114,682,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. EJF Capital LLC lifted its stake in Corebridge Financial by 20.7% during the first quarter. EJF Capital LLC now owns 30,187 shares of the company's stock worth $953,000 after purchasing an additional 5,187 shares during the period. AQR Capital Management LLC lifted its stake in Corebridge Financial by 50.0% during the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock worth $258,880,000 after purchasing an additional 2,780,764 shares during the period. Amundi lifted its stake in Corebridge Financial by 38.1% during the first quarter. Amundi now owns 694,483 shares of the company's stock worth $21,925,000 after purchasing an additional 191,473 shares during the period. EP Wealth Advisors LLC lifted its stake in Corebridge Financial by 15.5% during the first quarter. EP Wealth Advisors LLC now owns 19,303 shares of the company's stock worth $609,000 after purchasing an additional 2,593 shares during the period. Finally, Focus Partners Advisor Solutions LLC bought a new position in Corebridge Financial during the first quarter worth about $433,000. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Down 0.6%

NYSE CRBG traded down $0.22 on Tuesday, reaching $33.40. The company had a trading volume of 2,198,885 shares, compared to its average volume of 3,284,415. The firm has a market capitalization of $17.98 billion, a price-to-earnings ratio of -54.75, a price-to-earnings-growth ratio of 0.56 and a beta of 1.06. 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, Inc. has a 1-year low of $23.69 and a 1-year high of $36.57. The company's fifty day moving average is $34.65 and its 200-day 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, beating the consensus estimate of $1.15 by $0.21. The firm had revenue of $4.42 billion for the quarter, compared to analysts' expectations 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 in the prior year, the firm earned $1.13 EPS. On average, research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.24 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 1,184,160 shares of Corebridge Financial stock in a transaction on Friday, September 5th. The shares were sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the transaction, the insider owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their target price for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. Keefe, Bruyette & Woods boosted 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. JPMorgan Chase & Co. boosted their price objective on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Finally, BMO Capital Markets boosted 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. Eight equities research 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 has an average rating of "Moderate Buy" and a consensus price target of $40.80.

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.