Pzena Investment Management LLC Has $645.31 Million Holdings in Corebridge Financial, Inc. $CRBG

Pzena Investment Management LLC boosted its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 14.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,045,794 shares of the company’s stock after purchasing an additional 3,413,384 shares during the period. Corebridge Financial comprises 2.1% of Pzena Investment Management LLC’s holdings, making the stock its 22nd largest position. Pzena Investment Management LLC owned approximately 5.61% of Corebridge Financial worth $645,313,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Community Bank N.A. acquired a new position in shares of Corebridge Financial during the third quarter worth about $26,000. Salomon & Ludwin LLC grew its holdings in shares of Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after buying an additional 532 shares in the last quarter. Rothschild Investment LLC raised its position in Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after buying an additional 520 shares during the last quarter. True Wealth Design LLC raised its position in Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after buying an additional 412 shares during the last quarter. Finally, Clearstead Advisors LLC lifted its stake in Corebridge Financial by 143.7% in the 4th quarter. Clearstead Advisors LLC now owns 1,667 shares of the company’s stock valued at $50,000 after acquiring an additional 983 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on CRBG. Bank of America decreased their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Mizuho increased their target price on shares of Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Barclays decreased their target price on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a research report on Wednesday, April 8th. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, UBS Group cut their price target on shares of Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 28th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $34.36.

Corebridge Financial Trading Up 0.4%

Shares of Corebridge Financial stock opened at $28.74 on Thursday. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.57. The stock has a market cap of $12.81 billion, a P/E ratio of 52.25, a P/E/G ratio of 0.32 and a beta of 1.10. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The business’s 50 day moving average is $27.58 and its 200-day moving average is $27.91.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). The company had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period in the previous year, the company posted $1.16 EPS. Equities research analysts predict that Corebridge Financial, Inc. will post 4.75 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is 181.82%.

Corebridge Financial Company 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.