Brandywine Global Investment Management LLC Takes Position in Corebridge Financial, Inc. (NYSE:CRBG)

Brandywine Global Investment Management LLC purchased a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 464,062 shares of the company’s stock, valued at approximately $14,650,000. Brandywine Global Investment Management LLC owned approximately 0.08% of Corebridge Financial at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Sunbelt Securities Inc. bought a new position in Corebridge Financial in the fourth quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. raised its stake in Corebridge Financial by 80.2% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,681 shares of the company’s stock worth $50,000 after buying an additional 748 shares in the last quarter. Quarry LP bought a new position in Corebridge Financial in the fourth quarter worth about $63,000. Golden State Wealth Management LLC bought a new position in Corebridge Financial in the first quarter worth about $75,000. Finally, MetLife Investment Management LLC increased its stake in shares of Corebridge Financial by 16.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company’s stock valued at $155,000 after purchasing an additional 715 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Stock Down 1.3%

Shares of CRBG stock opened at $33.79 on Friday. The company has a market capitalization of $18.20 billion, a price-to-earnings ratio of -55.39, a PEG ratio of 0.58 and a beta of 1.06. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The company’s fifty day moving average price is $34.28 and its 200-day moving average price is $32.39. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.15 by $0.21. The firm had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same period last year, the firm earned $1.13 EPS. Sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently -157.38%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CRBG. UBS Group raised shares of Corebridge Financial from a “sell” rating to a “neutral” rating and raised their target price for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Morgan Stanley increased their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, June 27th. Barclays raised their target price on shares of Corebridge Financial from $38.00 to $45.00 and gave the stock an “overweight” rating in a report on Thursday, June 26th. Keefe, Bruyette & Woods raised their target price on shares of Corebridge Financial from $39.00 to $42.00 and gave the stock an “outperform” rating in a report on Wednesday, July 9th. Finally, Piper Sandler raised their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a report on Thursday, July 3rd. Four investment analysts have rated the stock with a hold rating and eight have issued 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 $40.70.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the sale, the insider directly owned 83,896,013 shares in the company, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is owned by insiders.

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.