Donald Smith & CO. Inc. Buys 489,545 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Donald Smith & CO. Inc. raised its holdings in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 12.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,335,096 shares of the company’s stock after purchasing an additional 489,545 shares during the period. Corebridge Financial accounts for approximately 3.0% of Donald Smith & CO. Inc.’s investment portfolio, making the stock its 12th biggest holding. Donald Smith & CO. Inc. owned about 0.71% of Corebridge Financial worth $126,411,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Park Avenue Securities LLC purchased a new position in shares of Corebridge Financial in the 1st quarter valued at approximately $284,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Corebridge Financial during the first quarter valued at $16,489,000. Principal Financial Group Inc. increased its position in shares of Corebridge Financial by 5.1% in the 1st quarter. Principal Financial Group Inc. now owns 97,243 shares of the company’s stock valued at $2,794,000 after acquiring an additional 4,719 shares during the period. Commonwealth Equity Services LLC raised its stake in Corebridge Financial by 5.6% in the 1st quarter. Commonwealth Equity Services LLC now owns 21,725 shares of the company’s stock worth $624,000 after acquiring an additional 1,149 shares during the last quarter. Finally, Capstone Investment Advisors LLC lifted its position in Corebridge Financial by 12.8% during the 1st quarter. Capstone Investment Advisors LLC now owns 231,330 shares of the company’s stock worth $6,646,000 after acquiring an additional 26,330 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analysts Set New Price Targets

CRBG has been the topic of a number of recent analyst reports. Barclays raised their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. lifted their target price on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Morgan Stanley lowered their target price on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Piper Sandler reduced their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Finally, TD Cowen assumed coverage on shares of Corebridge Financial in a research report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price objective on the stock. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $34.46.

Corebridge Financial Stock Up 1.3 %

CRBG traded up $0.42 during trading hours on Wednesday, reaching $32.42. 337,913 shares of the stock traded hands, compared to its average volume of 3,868,970. Corebridge Financial, Inc. has a fifty-two week low of $18.83 and a fifty-two week high of $34.66. The company has a market cap of $19.19 billion, a price-to-earnings ratio of 10.10, a PEG ratio of 0.42 and a beta of 0.97. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The firm’s fifty day simple moving average is $29.17 and its two-hundred day simple moving average is $28.91.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the prior year, the business posted $1.04 EPS. As a group, analysts forecast that Corebridge Financial, Inc. will post 4.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the sale, the insider now directly owns 279,238,898 shares of the company’s stock, valued at $8,058,834,596.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is owned by insiders.

Corebridge Financial 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.