Pzena Investment Management LLC Grows Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Pzena Investment Management LLC lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 222.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,638,455 shares of the company's stock after buying an additional 3,202,145 shares during the period. Pzena Investment Management LLC owned approximately 0.82% of Corebridge Financial worth $138,829,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Fortitude Family Office LLC purchased a new position in Corebridge Financial during the 4th quarter worth $27,000. Smartleaf Asset Management LLC grew its position in Corebridge Financial by 112.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock worth $27,000 after purchasing an additional 480 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in Corebridge Financial during the 4th quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Corebridge Financial during the 3rd quarter worth $27,000. Finally, Capital Performance Advisors LLP purchased a new position in Corebridge Financial during the 3rd quarter worth $28,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a "hold" rating to a "buy" rating and raised their price objective for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. DOWLING & PARTN cut shares of Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Barclays upgraded shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 target price for the company in a research note on Monday, January 6th. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Finally, TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $37.29.

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Corebridge Financial Price Performance

CRBG traded up $1.23 during midday trading on Friday, reaching $31.78. 1,836,125 shares of the company's stock were exchanged, compared to its average volume of 3,574,744. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market capitalization of $17.67 billion, a PE ratio of 8.41, a P/E/G ratio of 0.43 and a beta of 0.92. The business's 50-day moving average price is $32.40 and its 200 day moving average price is $30.89. Corebridge Financial, Inc. has a 1-year low of $23.97 and a 1-year high of $35.36.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 EPS 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%. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.02%. This is an increase from Corebridge Financial's previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Monday, March 17th. Corebridge Financial's payout ratio is presently 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.