Donald Smith & CO. Inc. Boosts Stake in Corebridge Financial, Inc. $CRBG

Donald Smith & CO. Inc. increased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 27.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 4,344,219 shares of the company’s stock after purchasing an additional 930,669 shares during the period. Corebridge Financial makes up approximately 2.5% of Donald Smith & CO. Inc.’s investment portfolio, making the stock its 16th largest position. Donald Smith & CO. Inc. owned 0.83% of Corebridge Financial worth $131,065,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Inceptionr LLC purchased a new position in shares of Corebridge Financial during the 4th quarter worth approximately $531,000. Deutsche Bank AG boosted its position in Corebridge Financial by 1.6% in the 4th quarter. Deutsche Bank AG now owns 394,960 shares of the company’s stock valued at $11,916,000 after buying an additional 6,250 shares during the period. Focus Partners Advisor Solutions LLC boosted its position in Corebridge Financial by 36.5% in the 4th quarter. Focus Partners Advisor Solutions LLC now owns 25,888 shares of the company’s stock valued at $781,000 after buying an additional 6,924 shares during the period. Waddell & Associates LLC purchased a new position in Corebridge Financial in the 4th quarter valued at approximately $234,000. Finally, Cerity Partners LLC boosted its position in Corebridge Financial by 1.4% in the 4th quarter. Cerity Partners LLC now owns 110,667 shares of the company’s stock valued at $3,339,000 after buying an additional 1,524 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $27.25 on Thursday. The company’s fifty day moving average price is $26.46 and its 200 day moving average price is $28.02. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.57. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a market capitalization of $12.44 billion, a P/E ratio of 49.54, a P/E/G ratio of 0.30 and a beta of 1.14.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the prior year, the business earned $1.16 earnings per share. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 4.89 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid a $0.25 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.7%. Corebridge Financial’s payout ratio is currently 181.82%.

Analyst Ratings Changes

Several equities analysts have commented on CRBG shares. Barclays decreased their price target on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a research report on Wednesday, April 8th. Bank of America reduced their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Morgan Stanley reduced their price objective on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 3rd. Weiss Ratings lowered shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Finally, TD Cowen reduced their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.17.

Corebridge Financial 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.