Pzena Investment Management LLC Has $645.31 Million Position in Corebridge Financial, Inc. $CRBG

Pzena Investment Management LLC boosted its position in Corebridge Financial, Inc. (NYSE:CRBG) by 14.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 27,045,794 shares of the company’s stock after buying an additional 3,413,384 shares during the period. Corebridge Financial comprises about 2.1% of Pzena Investment Management LLC’s portfolio, making the stock its 22nd biggest holding. Pzena Investment Management LLC owned approximately 0.06% of Corebridge Financial worth $645,313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Corebridge Financial by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after buying an additional 311,133 shares in the last quarter. Norges Bank acquired a new position in shares of Corebridge Financial in the fourth quarter valued at about $611,550,000. State Street Corp increased its position in Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after acquiring an additional 3,465,371 shares during the period. Dimensional Fund Advisors LP increased its position in Corebridge Financial by 6.9% during the third quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock worth $214,372,000 after acquiring an additional 430,308 shares during the period. Finally, AQR Capital Management LLC raised its stake in Corebridge Financial by 91.5% in the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock worth $178,340,000 after purchasing an additional 2,823,801 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on CRBG shares. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Piper Sandler lowered their target price on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Weiss Ratings downgraded shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Mizuho boosted their price target on Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Finally, TD Cowen reduced their price target on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average price target of $34.36.

Corebridge Financial Stock Up 0.4%

CRBG stock opened at $28.74 on Thursday. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The business has a 50-day simple moving average of $27.58 and a 200 day simple moving average of $27.91. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The company has a market cap of $12.81 billion, a PE ratio of 52.25, a price-to-earnings-growth ratio of 0.32 and a beta of 1.10.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The firm had revenue of $4.08 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the company earned $1.16 earnings per share. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.75 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.5%. Corebridge Financial’s dividend payout ratio (DPR) is currently 181.82%.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.