Hotchkis & Wiley Capital Management LLC Has $235.80 Million Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Hotchkis & Wiley Capital Management LLC raised its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 0.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,086,483 shares of the company’s stock after buying an additional 15,410 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned about 1.42% of Corebridge Financial worth $235,802,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CRBG. Point72 Asia Singapore Pte. Ltd. bought a new position in Corebridge Financial during the third quarter valued at approximately $27,000. Point72 Europe London LLP grew its stake in Corebridge Financial by 2.2% during the 3rd quarter. Point72 Europe London LLP now owns 218,925 shares of the company’s stock worth $6,384,000 after buying an additional 4,779 shares during the last quarter. Verition Fund Management LLC boosted its holdings in Corebridge Financial by 267.2% in the third quarter. Verition Fund Management LLC now owns 60,446 shares of the company’s stock valued at $1,763,000 after purchasing an additional 43,984 shares during the last quarter. Vinva Investment Management Ltd acquired a new position in shares of Corebridge Financial during the 3rd quarter worth about $2,965,000. Finally, Public Sector Pension Investment Board increased its position in Corebridge Financial by 9.8% during the third quarter. Public Sector Pension Investment Board now owns 35,861 shares of the company’s stock worth $1,046,000 after purchasing an additional 3,200 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the transaction, the insider now directly owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.08% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CRBG. Piper Sandler cut their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Barclays increased their price target on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Morgan Stanley raised their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $31.95 on Tuesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The stock’s fifty day simple moving average is $30.75 and its two-hundred day simple moving average is $29.46. Corebridge Financial, Inc. has a 1-year low of $20.07 and a 1-year high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. The firm had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business’s revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.05 earnings per share. Research analysts expect that Corebridge Financial, Inc. will post 4.81 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.88%. Corebridge Financial’s dividend payout ratio is presently -44.02%.

About Corebridge Financial

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.