Pzena Investment Management LLC Sells 3,552 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Pzena Investment Management LLC reduced its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 0.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,436,310 shares of the company’s stock after selling 3,552 shares during the quarter. Pzena Investment Management LLC’s holdings in Corebridge Financial were worth $41,883,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Covestor Ltd raised its position in shares of Corebridge Financial by 118.8% during the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after buying an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Corebridge Financial by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after purchasing an additional 585 shares during the period. Commonwealth Equity Services LLC boosted its stake in Corebridge Financial by 2.7% during the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after buying an additional 597 shares in the last quarter. Xponance Inc. increased its holdings in Corebridge Financial by 3.0% in the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock valued at $613,000 after buying an additional 612 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Corebridge Financial by 3.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock worth $740,000 after acquiring an additional 770 shares during the period. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Stock Up 1.5 %

CRBG traded up $0.47 on Wednesday, hitting $30.90. 1,006,212 shares of the company were exchanged, compared to its average volume of 3,955,112. 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 moving average is $30.03 and its 200-day moving average is $29.35. The company has a market cap of $17.58 billion, a PE ratio of -14.56, a PEG ratio of 0.39 and a beta of 0.90. Corebridge Financial, Inc. has a 12 month low of $19.54 and a 12 month 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, beating the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion during 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%. Corebridge Financial’s revenue was up 39.5% on a year-over-year basis. During the same period last year, the business posted $1.05 EPS. Equities research analysts predict that Corebridge Financial, Inc. will post 4.78 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is -44.02%.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following 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 position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the topic of several recent analyst reports. Royal Bank of Canada reduced their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Barclays upped their price target on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Morgan Stanley increased their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Piper Sandler dropped their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Finally, TD Cowen initiated coverage on shares of Corebridge Financial in a research report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $34.85.

Corebridge Financial Company 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.