Donald Smith & CO. Inc. Raises Position in Corebridge Financial, Inc. $CRBG

Donald Smith & CO. Inc. grew its position in Corebridge Financial, Inc. (NYSE:CRBG) by 27.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,344,219 shares of the company’s stock after acquiring an additional 930,669 shares during the period. Corebridge Financial comprises 2.5% of Donald Smith & CO. Inc.’s portfolio, making the stock its 16th largest holding. Donald Smith & CO. Inc.’s holdings in Corebridge Financial were worth $131,065,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Community Bank N.A. purchased a new stake in Corebridge Financial during the third quarter worth about $26,000. Smartleaf Asset Management LLC boosted its holdings in Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after buying an additional 377 shares in the last quarter. Salomon & Ludwin LLC boosted its holdings in Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after buying an additional 532 shares in the last quarter. Rothschild Investment LLC boosted its holdings in Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after buying an additional 520 shares in the last quarter. Finally, True Wealth Design LLC boosted its holdings in Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after buying an additional 412 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $27.25 on Thursday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The company has a market cap of $12.44 billion, a P/E ratio of 49.54, a P/E/G ratio of 0.30 and a beta of 1.14. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $36.57. The firm’s 50 day moving average is $26.46 and its two-hundred day moving average is $28.02.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period in the previous year, the company earned $1.16 EPS. Analysts expect that Corebridge Financial, Inc. will post 4.89 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a $0.25 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.7%. Corebridge Financial’s dividend payout ratio is 181.82%.

Analyst Upgrades and Downgrades

CRBG has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their price target on shares of Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Morgan Stanley reduced their price target on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 3rd. Bank of America reduced their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Zacks Research downgraded shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.17.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.