LSV Asset Management Grows Stake in Corebridge Financial, Inc. $CRBG

LSV Asset Management lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 2.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 4,685,535 shares of the company’s stock after buying an additional 98,435 shares during the quarter. LSV Asset Management’s holdings in Corebridge Financial were worth $150,171,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Corebridge Financial during the second quarter valued at approximately $145,632,000. Goldman Sachs Group Inc. boosted its stake in Corebridge Financial by 229.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after purchasing an additional 905,918 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Corebridge Financial by 42.8% in the 2nd quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock worth $102,403,000 after purchasing an additional 864,946 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Corebridge Financial by 113.7% in the second quarter. Russell Investments Group Ltd. now owns 1,272,797 shares of the company’s stock worth $45,195,000 after purchasing an additional 677,111 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Corebridge Financial by 723.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 623,267 shares of the company’s stock valued at $22,126,000 after purchasing an additional 547,561 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

Shares of CRBG opened at $31.16 on Thursday. The business has a 50-day simple moving average of $30.66 and a two-hundred day simple moving average of $31.72. The company has a quick ratio of 0.13, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The stock has a market cap of $16.22 billion, a price-to-earnings ratio of -58.79, a PEG ratio of 0.44 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, February 9th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The company had revenue of $6.34 billion during the quarter, compared to analyst estimates of $5.02 billion. During the same period in the prior year, the firm posted $1.06 EPS. On average, analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid 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 a boost from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio (DPR) is currently 57.14%.

Analyst Upgrades and Downgrades

CRBG has been the subject of a number of recent analyst reports. Weiss Ratings lowered Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Morgan Stanley restated an “equal weight” rating and issued a $33.00 target price (down previously from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Barclays decreased their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Tuesday. Zacks Research lowered Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 27th. Finally, Mizuho assumed coverage on Corebridge Financial in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 target price on the stock. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $37.60.

About Corebridge Financial

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.