Westbourne Investments Inc. Makes New Investment in Corebridge Financial, Inc. $CRBG

Key Points

• Westbourne Investments Inc. acquired a new investment in Corebridge Financial, purchasing 38,080 shares valued at approximately $1.35 million during the 2nd quarter.
• Corebridge Financial reported $1.36 earnings per share for the most recent quarter, surpassing analysts' estimates, but fell short on revenue with $4.42 billion compared to expectations of $4.85 billion.
• The company announced a quarterly dividend of $0.24 per share, translating to a 3.1% yield, despite a negative payout ratio of -157.38%.

Westbourne Investments Inc. purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 38,080 shares of the company's stock, valued at approximately $1,352,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Corebridge Financial by 1.4% in the first quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock worth $765,571,000 after buying an additional 324,692 shares during the last quarter. AQR Capital Management LLC grew its position in Corebridge Financial by 50.0% during the 1st 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 in the last quarter. Pzena Investment Management LLC grew its position in Corebridge Financial by 73.6% during the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company's stock worth $254,158,000 after purchasing an additional 3,412,147 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Corebridge Financial by 6.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock worth $184,034,000 after purchasing an additional 372,270 shares in the last quarter. Finally, LSV Asset Management grew its position in Corebridge Financial by 51.3% during the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company's stock worth $136,920,000 after purchasing an additional 1,470,812 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Trading Down 3.5%

Shares of NYSE:CRBG opened at $31.36 on Wednesday. The firm has a fifty day moving average of $34.35 and a two-hundred day moving average of $32.50. The firm has a market capitalization of $16.89 billion, a P/E ratio of -51.41, a price-to-earnings-growth ratio of 0.55 and a beta of 1.06. Corebridge Financial, Inc. has a 12-month low of $23.69 and a 12-month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. The company had revenue of $4.42 billion during the quarter, compared to analyst estimates 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 quarter last year, the business posted $1.13 EPS. On average, equities analysts expect that Corebridge Financial, Inc. will post 5.43 EPS 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 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's payout ratio is presently -157.38%.

Insider Activity

In related 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 value of $39,846,984.00. Following the completion of the sale, the insider owned 82,711,853 shares of the company's stock, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. BMO Capital Markets lifted 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. Morgan Stanley lifted their price objective on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Keefe, Bruyette & Woods lifted 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. Wall Street Zen upgraded shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Piper Sandler lifted 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. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price 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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