Pzena Investment Management LLC Sells 149,584 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Pzena Investment Management LLC lessened its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 9.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,439,862 shares of the company’s stock after selling 149,584 shares during the period. Pzena Investment Management LLC owned about 0.24% of Corebridge Financial worth $41,929,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Fiera Capital Corp grew its position in Corebridge Financial by 1.1% during the second quarter. Fiera Capital Corp now owns 1,802,735 shares of the company’s stock worth $52,496,000 after buying an additional 19,771 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Corebridge Financial by 8.8% during the 2nd quarter. Rhumbline Advisers now owns 268,735 shares of the company’s stock valued at $7,826,000 after acquiring an additional 21,695 shares during the period. CIBC Asset Management Inc acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth $547,000. Convergence Investment Partners LLC bought a new position in shares of Corebridge Financial in the second quarter worth $2,134,000. Finally, Natixis Advisors LLC acquired a new position in Corebridge Financial in the second quarter valued at about $1,543,000. 98.25% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total value of $200,000,012.10. Following the completion of the sale, the insider now directly owns 284,238,898 shares in the company, valued at $7,077,548,560.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRBG. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Friday, May 10th. Morgan Stanley decreased their price objective on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Jefferies Financial Group boosted their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Bank of America reduced their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Finally, UBS Group lifted their price target on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target of $33.67.

Corebridge Financial Trading Down 2.5 %

NYSE CRBG opened at $28.81 on Wednesday. The company has a market cap of $17.53 billion, a price-to-earnings ratio of 7.58, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97. Corebridge Financial, Inc. has a twelve month low of $17.80 and a twelve month high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The business’s fifty day moving average is $28.57 and its 200 day moving average is $28.07.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. The firm had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period last year, the company earned $1.04 earnings per share. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 4.75 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $0.23 per share. The ex-dividend date is Monday, September 16th. This represents a $0.92 annualized dividend and a yield of 3.19%. Corebridge Financial’s dividend payout ratio is presently 24.21%.

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.