Donald Smith & CO. Inc. Cuts Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Donald Smith & CO. Inc. decreased its position in Corebridge Financial, Inc. (NYSE:CRBG) by 0.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,324,202 shares of the company’s stock after selling 10,894 shares during the period. Corebridge Financial accounts for 3.1% of Donald Smith & CO. Inc.’s investment portfolio, making the stock its 12th biggest holding. Donald Smith & CO. Inc. owned 0.76% of Corebridge Financial worth $129,423,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CRBG. Cerity Partners LLC raised its holdings in shares of Corebridge Financial by 104.4% in the 3rd quarter. Cerity Partners LLC now owns 21,595 shares of the company’s stock worth $630,000 after purchasing an additional 11,029 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Corebridge Financial by 3.4% in the third quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after acquiring an additional 732 shares during the period. FMR LLC grew its position in shares of Corebridge Financial by 13.5% in the third quarter. FMR LLC now owns 5,030,104 shares of the company’s stock valued at $146,678,000 after purchasing an additional 598,373 shares in the last quarter. D.A. Davidson & CO. bought a new stake in shares of Corebridge Financial during the 3rd quarter valued at $359,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Corebridge Financial by 79.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,836 shares of the company’s stock worth $1,628,000 after purchasing an additional 24,724 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CRBG. Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $35.00 to $43.00 in a research note on Friday, February 28th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a research report on Monday, January 6th. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price for the company. Piper Sandler raised their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and upped their price objective for the stock from $33.00 to $40.00 in a report on Friday, January 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Corebridge Financial Trading Up 1.2 %

NYSE:CRBG opened at $31.98 on Thursday. The firm has a market capitalization of $17.78 billion, a P/E ratio of 8.46, a P/E/G ratio of 0.43 and a beta of 0.92. Corebridge Financial, Inc. has a 52 week low of $23.97 and a 52 week high of $35.36. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The company has a fifty day moving average of $32.71 and a 200 day moving average of $31.32.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. On average, research analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a dividend of $0.24 per share. The ex-dividend date was Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 3.00%. Corebridge Financial’s payout ratio is 25.40%.

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.