Donald Smith & CO. Inc. Raises Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Donald Smith & CO. Inc. increased its stake in Corebridge Financial, Inc. (NYSE:CRBG - Free Report) by 24.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,845,551 shares of the company's stock after acquiring an additional 747,290 shares during the period. Corebridge Financial makes up approximately 2.9% of Donald Smith & CO. Inc.'s investment portfolio, making the stock its 12th biggest position. Donald Smith & CO. Inc. owned 0.63% of Corebridge Financial worth $111,982,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC raised its stake in shares of Corebridge Financial by 2.7% in the second 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 Corebridge Financial in the first quarter worth about $25,000. Deseret Mutual Benefit Administrators boosted its position in shares of Corebridge Financial by 73.2% during the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company's stock valued at $60,000 after buying an additional 877 shares during the period. O Shaughnessy Asset Management LLC grew its stake 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 last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Corebridge Financial in the second quarter worth approximately $30,000. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Price Performance

Shares of NYSE CRBG remained flat at $27.18 during mid-day trading on Monday. The company had a trading volume of 1,791,518 shares, compared to its average volume of 4,036,112. Corebridge Financial, Inc. has a 1 year low of $18.44 and a 1 year high of $34.66. The business has a 50-day simple moving average of $28.26 and a 200-day simple moving average of $28.20. The firm has a market capitalization of $16.54 billion, a PE ratio of 7.14, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the firm posted $1.04 earnings per share. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial's dividend payout ratio is currently 24.21%.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the sale, the insider now directly owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.09% of the company's stock.

Analysts Set New Price Targets

CRBG has been the subject of a number of recent analyst reports. Bank of America dropped their price objective on Corebridge Financial from $40.00 to $38.00 and set a "buy" rating for the company in a report on Thursday, July 11th. Barclays assumed coverage on shares of Corebridge Financial in a report on Wednesday, September 4th. They issued an "equal weight" rating and a $33.00 price target on the stock. Morgan Stanley decreased their price objective on shares of Corebridge Financial from $33.00 to $31.00 and set an "equal weight" rating for the company in a report on Monday, August 19th. UBS Group upped their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a "buy" rating in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. increased their price objective on Corebridge Financial from $26.00 to $34.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 2nd. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average 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.