Corebridge Financial, Inc. $CRBG Stock Position Raised by Pzena Investment Management LLC

Pzena Investment Management LLC lifted its position in Corebridge Financial, Inc. (NYSE:CRBG) by 0.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,871,521 shares of the company’s stock after acquiring an additional 81,794 shares during the period. Corebridge Financial accounts for 3.3% of Pzena Investment Management LLC’s holdings, making the stock its 7th largest position. Pzena Investment Management LLC owned about 7.60% of Corebridge Financial worth $1,121,825,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Corebridge Financial during the 2nd quarter worth $726,494,000. Dimensional Fund Advisors LP grew its holdings in shares of Corebridge Financial by 43.5% during the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock worth $211,575,000 after buying an additional 2,689,611 shares in the last quarter. Donald Smith & CO. Inc. acquired a new stake in shares of Corebridge Financial in the second quarter valued at about $168,134,000. Davis Asset Management L.P. acquired a new stake in shares of Corebridge Financial in the second quarter valued at about $166,054,000. Finally, Amundi lifted its stake in shares of Corebridge Financial by 50.1% in the first quarter. Amundi now owns 5,332,396 shares of the company’s stock worth $127,231,000 after buying an additional 1,780,452 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Corebridge Financial

Here are the key news stories impacting Corebridge Financial this week:

• Positive Sentiment: Nippon Life continued adding to its already large CRBG holding, buying 227,773 shares for about $7.9 million on October 30 and another 190,251 shares for about $6.7 million on November 2. The repeated purchases may signal confidence from a major shareholder. Nippon Life Share Purchases
• Positive Sentiment: Third-quarter operating earnings rose year over year: Corebridge reported $1.22 per share versus $0.96 a year earlier. Management also highlighted strong annuity sales and momentum in advisory services, though the reported EPS was slightly below some analysts’ expectations. Corebridge Financial Q3 Operating Earnings Rise
• Neutral Sentiment: Corebridge declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually. The dividend may support income-oriented investors but does not materially change the business outlook. Corebridge Financial Dividend Announcement
• Negative Sentiment: Revenue of $4.50 billion fell short of the $5.36 billion analyst estimate and was down 20% year over year. A separate report cited a roughly 29% drop in premiums and deposits, raising concerns that weaker business volumes could weigh on future growth. Corebridge Q3 Premiums and Deposits

Corebridge Financial Stock Up 1.5%

Shares of CRBG opened at $36.27 on Thursday. The stock has a market capitalization of $16.17 billion, a PE ratio of 7.75, a P/E/G ratio of 0.51 and a beta of 1.05. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.71. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.12 and a current ratio of 0.11. The company’s 50-day simple moving average is $34.35 and its 200-day simple moving average is $29.92.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 2nd. The company reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01). The company had revenue of $4.50 billion during the quarter, compared to analysts’ expectations of $5.36 billion. Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. The company’s revenue for the quarter was down 20.0% on a year-over-year basis. During the same quarter last year, the business posted $0.96 earnings per share. Analysts forecast that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.8%. The ex-dividend date is Thursday, December 17th. Corebridge Financial’s dividend payout ratio is currently 58.48%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Barclays raised their target price on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 7th. Keefe, Bruyette & Woods upped their price target on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Jefferies Financial Group increased their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Weiss Ratings upgraded Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 29th. Finally, UBS Group boosted their price objective on Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 6th. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $39.18.

Insider Buying and Selling

In other news, major shareholder Life Insurance Co Nippon acquired 805,782 shares of Corebridge Financial stock in a transaction on Monday, September 28th. The stock was bought at an average price of $34.15 per share, for a total transaction of $27,517,455.30. Following the completion of the purchase, the insider owned 125,579,654 shares in the company, valued at $4,288,545,184.10. This represents a 0.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders purchased a total of 10,373,442 shares of company stock worth $356,948,235 over the last quarter. Insiders own 0.32% of the company’s stock.

Corebridge Financial Profile

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.