Pzena Investment Management LLC Grows Position in Corebridge Financial, Inc. (NYSE:CRBG)

Pzena Investment Management LLC lifted its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 793.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,590,098 shares of the company’s stock after buying an additional 1,412,040 shares during the period. Pzena Investment Management LLC owned approximately 0.25% of Corebridge Financial worth $34,442,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. EverSource Wealth Advisors LLC purchased a new position in Corebridge Financial in the third quarter worth about $28,000. Vestor Capital LLC purchased a new position in Corebridge Financial in the fourth quarter worth about $43,000. Headlands Technologies LLC purchased a new position in Corebridge Financial in the fourth quarter worth about $65,000. Loomis Sayles & Co. L P boosted its position in Corebridge Financial by 1,450.9% in the third quarter. Loomis Sayles & Co. L P now owns 6,576 shares of the company’s stock worth $130,000 after purchasing an additional 6,152 shares during the last quarter. Finally, CI Investments Inc. boosted its position in Corebridge Financial by 7,879.8% in the third quarter. CI Investments Inc. now owns 9,097 shares of the company’s stock worth $180,000 after purchasing an additional 8,983 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

CRBG traded down $0.16 on Thursday, hitting $30.94. 602,537 shares of the company’s stock traded hands, compared to its average volume of 4,389,303. The company’s 50 day simple moving average is $28.15 and its 200-day simple moving average is $24.59. The firm has a market cap of $18.92 billion, a price-to-earnings ratio of 8.15, a P/E/G ratio of 0.34 and a beta of 0.96. Corebridge Financial, Inc. has a one year low of $16.13 and a one year high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.05. The company had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same quarter last year, the company earned $0.97 EPS. As a group, research analysts anticipate that Corebridge Financial, Inc. will post 4.95 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Friday, June 14th. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 target price on shares of Corebridge Financial in a research report on Friday, April 12th. Wells Fargo & Company raised their target price on Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, May 10th. Keefe, Bruyette & Woods raised their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Evercore ISI raised their price objective on Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, April 11th. Finally, Morgan Stanley raised their price objective on Corebridge Financial from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $29.25.

Corebridge Financial Profile

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.