Donald Smith & CO. Inc. Acquires Shares of 5,872,642 Corebridge Financial, Inc. $CRBG

Donald Smith & CO. Inc. bought a new stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,872,642 shares of the company’s stock, valued at approximately $168,134,000. Corebridge Financial accounts for approximately 3.0% of Donald Smith & CO. Inc.’s portfolio, making the stock its 13th biggest holding. Donald Smith & CO. Inc. owned about 1.32% of Corebridge Financial as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. State of Michigan Retirement System bought a new stake in shares of Corebridge Financial during the 4th quarter worth approximately $2,130,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new position in Corebridge Financial in the fourth quarter valued at approximately $5,358,000. Vanguard Group Inc. raised its position in Corebridge Financial by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after purchasing an additional 311,133 shares in the last quarter. New York State Teachers Retirement System acquired a new position in Corebridge Financial during the fourth quarter valued at approximately $2,072,000. Finally, State of Wyoming bought a new stake in Corebridge Financial during the second quarter worth $899,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider David Ditillo sold 12,414 shares of the business’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider directly owned 111,153 shares in the company, valued at approximately $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth B. Cropper sold 7,745 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total value of $256,049.70. Following the completion of the transaction, the executive vice president directly owned 46,473 shares of the company’s stock, valued at $1,536,397.38. This represents a 14.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 24,409 shares of company stock valued at $805,626 over the last quarter. Corporate insiders own 0.32% of the company’s stock.

Corebridge Financial Stock Performance

NYSE CRBG opened at $31.91 on Friday. The firm’s fifty day moving average price is $31.13 and its two-hundred day moving average price is $28.26. The stock has a market cap of $14.22 billion, a PE ratio of 18.66, a PEG ratio of 0.41 and a beta of 1.08. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.22.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The company had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the prior year, the company earned $1.36 EPS. On average, equities analysts expect that Corebridge Financial, Inc. will post 4.6 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is presently 58.48%.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. UBS Group upped their price objective on Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Mizuho raised their price objective on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Finally, TD Cowen lifted their target price on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $37.42.

Corebridge Financial 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.