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

Donald Smith & CO. Inc. raised its holdings in Corebridge Financial, Inc. (NYSE:CRBG) by 24.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,845,551 shares of the company’s stock after buying an additional 747,290 shares during the quarter. Corebridge Financial comprises 2.9% of Donald Smith & CO. Inc.’s holdings, making the stock its 12th largest position. Donald Smith & CO. Inc. owned 0.63% of Corebridge Financial worth $111,982,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its holdings in shares of Corebridge Financial by 2.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock valued at $650,000 after purchasing an additional 597 shares in the last quarter. Riverview Trust Co purchased a new position in Corebridge Financial in the first quarter valued at $25,000. Deseret Mutual Benefit Administrators raised its position in shares of Corebridge Financial by 73.2% in the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after acquiring an additional 877 shares during the period. O Shaughnessy Asset Management LLC boosted its stake in shares of Corebridge Financial by 5.9% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 17,511 shares of the company’s stock worth $503,000 after acquiring an additional 978 shares in the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Corebridge Financial during the 2nd quarter valued at about $30,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CRBG shares. Jefferies Financial Group upped their price target on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Bank of America decreased their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Barclays assumed coverage on shares of Corebridge Financial in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 price target on the stock. Royal Bank of Canada reduced their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Morgan Stanley reduced their price target on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $33.62.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the business’s stock in a transaction that occurred 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 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 filing with the SEC, which can be accessed through the SEC website. Insiders own 0.09% of the company’s stock.

Corebridge Financial Trading Down 0.4 %

Shares of CRBG stock opened at $27.41 on Monday. 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, Inc. has a twelve month low of $18.40 and a twelve month high of $34.66. The company’s 50-day moving average price is $28.26 and its 200-day moving average price is $28.20. The stock has a market cap of $16.68 billion, a price-to-earnings ratio of 7.21, a PEG ratio of 0.35 and a beta of 0.97.

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

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.23 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.92 annualized dividend and a yield of 3.36%. Corebridge Financial’s dividend payout ratio (DPR) is currently 24.21%.

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.