Pzena Investment Management LLC Increases Position in Corebridge Financial, Inc. $CRBG

Pzena Investment Management LLC grew its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 19.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,329,199 shares of the company’s stock after purchasing an additional 3,605,498 shares during the quarter. Corebridge Financial comprises approximately 2.3% of Pzena Investment Management LLC’s portfolio, making the stock its 17th largest holding. Pzena Investment Management LLC’s holdings in Corebridge Financial were worth $715,651,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. CenterBook Partners LP increased its holdings in shares of Corebridge Financial by 155.7% in the third quarter. CenterBook Partners LP now owns 53,165 shares of the company’s stock valued at $1,704,000 after purchasing an additional 32,377 shares during the last quarter. Vanguard Group Inc. grew its holdings in Corebridge Financial by 7.2% in the 3rd quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after buying an additional 1,805,819 shares in the last quarter. State of New Jersey Common Pension Fund D increased its stake in shares of Corebridge Financial by 1.2% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 77,016 shares of the company’s stock worth $2,468,000 after acquiring an additional 898 shares during the last quarter. Shell Asset Management Co. raised its holdings in shares of Corebridge Financial by 174.0% during the 3rd quarter. Shell Asset Management Co. now owns 24,224 shares of the company’s stock worth $776,000 after acquiring an additional 15,382 shares during the period. Finally, Assetmark Inc. boosted its position in shares of Corebridge Financial by 47.7% during the 3rd quarter. Assetmark Inc. now owns 1,390 shares of the company’s stock valued at $45,000 after acquiring an additional 449 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Stock Up 0.4%

Corebridge Financial stock opened at $31.04 on Thursday. The company has a market capitalization of $14.95 billion, a PE ratio of -58.57, a price-to-earnings-growth ratio of 0.41 and a beta of 1.04. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57. The firm has a 50 day moving average price of $30.70 and a 200 day moving average price of $31.57.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, February 9th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.11 by $0.11. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The business had revenue of $6.34 billion during the quarter, compared to analyst estimates of $5.02 billion. During the same period last year, the business posted $1.06 earnings per share. Research analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, March 17th. This represents a $1.00 dividend on an annualized basis and a yield of 3.2%. Corebridge Financial’s dividend payout ratio (DPR) is -188.68%.

Analyst Ratings Changes

CRBG has been the topic of a number of analyst reports. Wells Fargo & Company reduced their target price on shares of Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 13th. JPMorgan Chase & Co. cut their price target on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Monday, January 5th. Barclays decreased their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, February 10th. Zacks Research cut Corebridge Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 27th. Finally, UBS Group reduced their target price on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Hold” and a consensus target price of $37.60.

Corebridge Financial 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.