Pzena Investment Management LLC Grows Stock Holdings in Corebridge Financial, Inc. $CRBG

Pzena Investment Management LLC lifted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 132.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,723,701 shares of the company’s stock after purchasing an additional 10,673,099 shares during the period. Corebridge Financial comprises approximately 2.2% of Pzena Investment Management LLC’s portfolio, making the stock its 21st largest position. Pzena Investment Management LLC’s holdings in Corebridge Financial were worth $664,691,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of CRBG. IFP Advisors Inc lifted its position in shares of Corebridge Financial by 1,223.6% during the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after purchasing an additional 673 shares during the last quarter. Brooklyn Investment Group lifted its position in shares of Corebridge Financial by 66.7% during the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock worth $46,000 after purchasing an additional 581 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Corebridge Financial during the 1st quarter worth $75,000. SVB Wealth LLC purchased a new stake in shares of Corebridge Financial during the 1st quarter worth $85,000. Finally, Farther Finance Advisors LLC lifted its position in shares of Corebridge Financial by 463.4% during the 2nd quarter. Farther Finance Advisors LLC now owns 2,524 shares of the company’s stock worth $90,000 after purchasing an additional 2,076 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. BMO Capital Markets lifted their price target on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, June 27th. Evercore ISI cut their price target on shares of Corebridge Financial from $39.00 to $38.00 and set an “outperform” rating on the stock in a research note on Thursday. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corebridge Financial in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Corebridge Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Finally, Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $42.00 to $44.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $39.91.

Corebridge Financial Trading Down 2.8%

NYSE CRBG opened at $31.29 on Monday. 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 firm has a market cap of $16.85 billion, a PE ratio of -51.29, a P/E/G ratio of 0.55 and a beta of 1.02. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The firm’s fifty day moving average is $33.44 and its two-hundred day moving average is $32.53.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.21. The company had revenue of $4.42 billion for 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 period in the previous year, the business posted $1.13 earnings per share. Analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a $0.24 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. Corebridge Financial’s payout ratio is currently -157.38%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

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.