Donald Smith & CO. Inc. Grows Holdings in Corebridge Financial, Inc. $CRBG

Donald Smith & CO. Inc. raised its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,083,348 shares of the company’s stock after purchasing an additional 72,664 shares during the quarter. Corebridge Financial makes up about 3.4% of Donald Smith & CO. Inc.’s holdings, making the stock its 9th biggest holding. Donald Smith & CO. Inc.’s holdings in Corebridge Financial were worth $144,959,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. IFP Advisors Inc boosted its stake in shares of Corebridge Financial by 1,223.6% during the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after purchasing an additional 673 shares in the last quarter. Allworth Financial LP purchased a new stake in Corebridge Financial in the second quarter worth about $26,000. Assetmark Inc. grew its holdings in shares of Corebridge Financial by 60.9% during the 2nd quarter. Assetmark Inc. now owns 941 shares of the company’s stock worth $33,000 after acquiring an additional 356 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of Corebridge Financial by 86.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock worth $46,000 after acquiring an additional 603 shares during the period. Finally, Brooklyn Investment Group raised its position in shares of Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock worth $46,000 after acquiring an additional 581 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Evercore ISI dropped their price target on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. Weiss Ratings reissued a “buy (b-)” rating on shares of Corebridge Financial in a research report on Monday, December 1st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Barclays lowered their price target on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company cut their price objective on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and an average price target of $39.40.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $30.33 on Friday. The company has a market capitalization of $15.78 billion, a price-to-earnings ratio of 18.05, a price-to-earnings-growth ratio of 0.42 and a beta of 1.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13. Corebridge Financial, Inc. has a one year low of $23.69 and a one year high of $36.57. The company’s 50-day moving average is $30.76 and its 200 day moving average is $32.75.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The firm had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter in the prior year, the company posted $1.23 EPS. The company’s quarterly revenue was up 34.2% on a year-over-year basis. Sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be given a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.96 annualized dividend and a yield of 3.2%. Corebridge Financial’s dividend payout ratio is 57.14%.

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.