Corebridge Financial, Inc. (NYSE:CRBG) Shares Acquired by Donald Smith & CO. Inc.

Donald Smith & CO. Inc. lifted its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 24.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,845,551 shares of the company’s stock after purchasing an additional 747,290 shares during the period. Corebridge Financial comprises about 2.9% of Donald Smith & CO. Inc.’s holdings, making the stock its 12th largest holding. Donald Smith & CO. Inc.’s holdings in Corebridge Financial were worth $111,982,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Riverview Trust Co acquired a new position in shares of Corebridge Financial during the first quarter worth about $25,000. LRI Investments LLC purchased a new position in Corebridge Financial in the second quarter worth approximately $30,000. ORG Partners LLC acquired a new position in Corebridge Financial during the 2nd quarter worth approximately $32,000. Fifth Third Bancorp purchased a new stake in shares of Corebridge Financial in the 2nd quarter valued at approximately $54,000. Finally, Deseret Mutual Benefit Administrators raised its holdings in shares of Corebridge Financial by 73.2% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock valued at $60,000 after purchasing an additional 877 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Down 0.4 %

CRBG opened at $27.41 on Monday. Corebridge Financial, Inc. has a 52 week low of $18.40 and a 52 week high of $34.66. The business has a 50 day moving average price of $28.26 and a two-hundred day moving average price of $28.20. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The company has a market cap of $16.68 billion, a PE ratio of 7.21, a P/E/G ratio of 0.35 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The business had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the prior year, the business earned $1.04 earnings per share. As a group, research analysts anticipate that Corebridge Financial, Inc. will post 4.74 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.36%. Corebridge Financial’s dividend payout ratio (DPR) is 24.21%.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 1,932,609 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the sale, the insider now owns 292,271,027 shares of the company’s stock, valued at approximately $8,534,313,988.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.09% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CRBG shares. Morgan Stanley cut their price target on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. UBS Group upped their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Jefferies Financial Group raised their price objective on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Finally, Royal Bank of Canada reduced their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.62.

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.