Pzena Investment Management LLC Acquires Shares of 33,789,727 Corebridge Financial, Inc. $CRBG

Pzena Investment Management LLC acquired a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 33,789,727 shares of the company’s stock, valued at approximately $967,400,000. Corebridge Financial comprises about 2.8% of Pzena Investment Management LLC’s portfolio, making the stock its 10th largest holding. Pzena Investment Management LLC owned about 7.58% of Corebridge Financial as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its position in shares of Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after purchasing an additional 905,918 shares during the period. Focus Partners Wealth purchased a new position in shares of Corebridge Financial during the first quarter valued at about $384,000. Creative Planning purchased a new position in shares of Corebridge Financial during the second quarter valued at about $243,000. EverSource Wealth Advisors LLC raised its stake in Corebridge Financial by 58.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock worth $162,000 after buying an additional 1,688 shares in the last quarter. Finally, Cerity Partners LLC raised its stake in Corebridge Financial by 64.4% in the second quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock worth $3,286,000 after buying an additional 36,239 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Keefe, Bruyette & Woods upped their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.17.

Insiders Place Their Bets

In related news, insider David Ditillo sold 12,414 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider directly owned 111,153 shares in the company, valued at $3,779,202. The trade was a 10.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is currently owned by insiders.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $33.13 on Tuesday. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $35.22. The company’s 50-day moving average is $30.78 and its 200 day moving average is $28.20. The company has a market capitalization of $14.77 billion, a price-to-earnings ratio of 19.37, a price-to-earnings-growth ratio of 0.44 and a beta of 1.08. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period in the previous year, the company earned $1.36 earnings per share. Sell-side analysts expect that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.0%. Corebridge Financial’s dividend payout ratio (DPR) is 58.48%.

Corebridge Financial Company Profile

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.