Pzena Investment Management LLC Sells 149,584 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Pzena Investment Management LLC reduced its position in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 9.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,439,862 shares of the company's stock after selling 149,584 shares during the period. Pzena Investment Management LLC owned 0.24% of Corebridge Financial worth $41,929,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Commonwealth Equity Services LLC raised its stake in Corebridge Financial by 2.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company's stock valued at $650,000 after acquiring an additional 597 shares during the period. Riverview Trust Co bought a new stake in shares of Corebridge Financial during the first quarter valued at about $25,000. O Shaughnessy Asset Management LLC increased its position in shares of Corebridge Financial by 5.9% during the first quarter. O Shaughnessy Asset Management LLC now owns 17,511 shares of the company's stock valued at $503,000 after buying an additional 978 shares during the period. LRI Investments LLC bought a new stake in shares of Corebridge Financial during the second quarter valued at about $30,000. Finally, CWM LLC increased its position in shares of Corebridge Financial by 13.8% during the second quarter. CWM LLC now owns 8,762 shares of the company's stock valued at $255,000 after buying an additional 1,063 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder International Group American sold 8,032,129 shares of the firm's stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total value of $200,000,012.10. Following the completion of the sale, the insider now owns 284,238,898 shares of the company's stock, valued at $7,077,548,560.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.09% of the stock is currently owned by insiders.

Corebridge Financial Price Performance

CRBG traded down $0.34 during midday trading on Wednesday, hitting $28.48. The stock had a trading volume of 3,397,842 shares, compared to its average volume of 4,050,203. The company has a market cap of $17.33 billion, a P/E ratio of 7.49, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97. The business has a fifty day moving average of $28.57 and a 200 day moving average of $28.07. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a 1 year low of $17.80 and a 1 year high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.04. The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same quarter in the prior year, the firm posted $1.04 earnings per share. As a group, equities analysts forecast that Corebridge Financial, Inc. will post 4.75 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial's payout ratio is 24.21%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CRBG shares. Morgan Stanley decreased their price target on Corebridge Financial from $33.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Monday, August 19th. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an "overweight" rating in a research report on Friday, May 10th. Royal Bank of Canada decreased their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating on the stock in a research report on Friday, August 2nd. Barclays initiated coverage on shares of Corebridge Financial in a research report on Wednesday. They issued an "equal weight" rating and a $33.00 price objective on the stock. Finally, Bank of America decreased their price objective on shares of Corebridge Financial from $40.00 to $38.00 and set a "buy" rating on the stock in a research report on Thursday, July 11th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.62.

About Corebridge Financial

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.