Pzena Investment Management LLC Grows Holdings in Corebridge Financial, Inc. $CRBG

Pzena Investment Management LLC lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 19.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,329,199 shares of the company’s stock after purchasing an additional 3,605,498 shares during the period. Corebridge Financial comprises about 2.3% of Pzena Investment Management LLC’s investment portfolio, making the stock its 17th largest position. Pzena Investment Management LLC owned 4.29% of Corebridge Financial worth $715,651,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in CRBG. Algebris UK Ltd. boosted its stake in shares of Corebridge Financial by 31.4% in the third quarter. Algebris UK Ltd. now owns 1,393,378 shares of the company’s stock worth $44,624,000 after buying an additional 333,245 shares during the last quarter. Machina Capital S.A.S. purchased a new stake in Corebridge Financial in the 3rd quarter worth approximately $1,182,000. Assenagon Asset Management S.A. grew its stake in shares of Corebridge Financial by 928.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 68,226 shares of the company’s stock worth $2,187,000 after purchasing an additional 61,595 shares during the period. Retirement Systems of Alabama increased its holdings in shares of Corebridge Financial by 77.9% during the 3rd quarter. Retirement Systems of Alabama now owns 132,900 shares of the company’s stock valued at $4,259,000 after purchasing an additional 58,200 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Corebridge Financial by 3,870.5% in the 3rd quarter. SG Americas Securities LLC now owns 409,160 shares of the company’s stock valued at $13,114,000 after purchasing an additional 398,855 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Trading Up 0.4%

Shares of Corebridge Financial stock opened at $31.04 on Thursday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. Corebridge Financial, Inc. has a twelve month low of $23.69 and a twelve month high of $36.57. The firm has a market capitalization of $14.95 billion, a PE ratio of -58.57, a P/E/G ratio of 0.41 and a beta of 1.04. The firm’s 50-day moving average price is $30.70 and its 200 day moving average price is $31.57.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, February 9th. The company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. The business had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same quarter in the prior year, the firm earned $1.06 earnings per share. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

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

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Evercore cut their price objective on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a report on Wednesday, November 5th. Mizuho began coverage on Corebridge Financial in a research report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 target price on the stock. Zacks Research cut Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 27th. UBS Group lowered their price target 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. Finally, Morgan Stanley restated an “equal weight” rating and issued a $33.00 price objective (down from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target 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.