Pzena Investment Management LLC Purchases 1,303,211 Shares of Corebridge Financial, Inc. $CRBG

Pzena Investment Management LLC grew its position in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 5.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,632,410 shares of the company’s stock after buying an additional 1,303,211 shares during the quarter. Corebridge Financial accounts for approximately 2.2% of Pzena Investment Management LLC’s holdings, making the stock its 20th largest position. Pzena Investment Management LLC owned approximately 4.54% of Corebridge Financial worth $712,990,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Community Bank N.A. bought a new position in Corebridge Financial in the 3rd quarter worth $26,000. Smartleaf Asset Management LLC raised its holdings in Corebridge Financial by 83.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares during the period. Salomon & Ludwin LLC raised its holdings in Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after purchasing an additional 532 shares during the period. Root Financial Partners LLC bought a new position in Corebridge Financial in the 3rd quarter worth $32,000. Finally, True Wealth Design LLC raised its holdings in Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after purchasing an additional 412 shares during the period. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Price Performance

NYSE:CRBG opened at $27.65 on Friday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The business’s 50-day simple moving average is $25.48 and its two-hundred day simple moving average is $28.26. The stock has a market cap of $12.63 billion, a PE ratio of 50.28, a P/E/G ratio of 0.30 and a beta of 1.18. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period in the prior year, the business earned $1.16 earnings per share. As a group, analysts forecast that Corebridge Financial, Inc. will post 4.9 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.6%. Corebridge Financial’s dividend payout ratio (DPR) is currently 181.82%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CRBG. Wells Fargo & Company raised their target price on Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Zacks Research cut Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Mizuho raised their target price on Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Keefe, Bruyette & Woods raised their target price on Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. decreased their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.92.

About Corebridge Financial

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.