Corebridge Financial, Inc. $CRBG Stock Bought by Pzena Investment Management LLC

Pzena Investment Management LLC raised its position in Corebridge Financial, Inc. (NYSE:CRBG) by 0.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 33,871,521 shares of the company’s stock after acquiring an additional 81,794 shares during the period. Corebridge Financial makes up 3.3% of Pzena Investment Management LLC’s investment portfolio, making the stock its 7th largest holding. Pzena Investment Management LLC owned 0.08% of Corebridge Financial worth $1,121,825,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. ProShare Advisors LLC increased its position in Corebridge Financial by 4.7% during the 3rd quarter. ProShare Advisors LLC now owns 9,994 shares of the company’s stock worth $331,000 after purchasing an additional 445 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Corebridge Financial by 11.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock valued at $185,000 after buying an additional 590 shares during the period. Allworth Financial LP lifted its holdings in shares of Corebridge Financial by 100.6% in the 2nd quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock valued at $41,000 after buying an additional 724 shares during the period. GAMMA Investing LLC boosted its stake in shares of Corebridge Financial by 15.8% in the third quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock valued at $193,000 after buying an additional 796 shares in the last quarter. Finally, State of Wyoming boosted its stake in shares of Corebridge Financial by 16.1% in the first quarter. State of Wyoming now owns 5,919 shares of the company’s stock valued at $141,000 after buying an additional 823 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Life Insurance Co Nippon acquired 190,251 shares of the company’s stock in a transaction dated Monday, November 2nd. The stock was bought at an average price of $35.23 per share, with a total value of $6,702,542.73. Following the purchase, the insider directly owned 132,534,113 shares in the company, valued at $4,669,176,800.99. The trade was a 0.14% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders bought 10,373,442 shares of company stock valued at $356,948,235. 0.32% of the stock is owned by insiders.

Key Stories Impacting Corebridge Financial

Here are the key news stories impacting Corebridge Financial this week:

• Positive Sentiment: Nippon Life continued adding to its already large CRBG holding, buying 227,773 shares for about $7.9 million on October 30 and another 190,251 shares for about $6.7 million on November 2. The repeated purchases may signal confidence from a major shareholder. Nippon Life Share Purchases
• Positive Sentiment: Third-quarter operating earnings rose year over year: Corebridge reported $1.22 per share versus $0.96 a year earlier. Management also highlighted strong annuity sales and momentum in advisory services, though the reported EPS was slightly below some analysts’ expectations. Corebridge Financial Q3 Operating Earnings Rise
• Neutral Sentiment: Corebridge declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually. The dividend may support income-oriented investors but does not materially change the business outlook. Corebridge Financial Dividend Announcement
• Negative Sentiment: Revenue of $4.50 billion fell short of the $5.36 billion analyst estimate and was down 20% year over year. A separate report cited a roughly 29% drop in premiums and deposits, raising concerns that weaker business volumes could weigh on future growth. Corebridge Q3 Premiums and Deposits

Corebridge Financial Stock Up 1.5%

CRBG stock opened at $36.27 on Thursday. The company’s 50 day simple moving average is $34.35 and its 200-day simple moving average is $29.92. The firm has a market capitalization of $16.17 billion, a PE ratio of 7.75, a P/E/G ratio of 0.51 and a beta of 1.05. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.71. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.11 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 2nd. The company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01). Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. The company had revenue of $4.50 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same quarter last year, the company posted $0.96 EPS. Corebridge Financial’s quarterly revenue was down 20.0% compared to the same quarter last year. Equities analysts expect that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, December 17th. Corebridge Financial’s dividend payout ratio is currently 58.48%.

Wall Street Analysts Forecast Growth

CRBG has been the subject of a number of recent analyst reports. UBS Group raised their target price on Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, October 6th. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 29th. TD Cowen increased their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. Barclays raised their price objective on shares of Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, October 7th. Finally, Piper Sandler boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday, October 12th. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $39.18.

Corebridge Financial Profile

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.