Davis Asset Management L.P. Makes New Investment in Corebridge Financial, Inc. $CRBG

Davis Asset Management L.P. acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,800,000 shares of the company’s stock, valued at approximately $166,054,000. Corebridge Financial makes up 4.2% of Davis Asset Management L.P.’s investment portfolio, making the stock its 8th biggest position.

Several other institutional investors and hedge funds have also recently modified their holdings of CRBG. Bank of Nova Scotia boosted its stake in shares of Corebridge Financial by 3.8% during the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after purchasing an additional 340 shares in the last quarter. Integrated Wealth Concepts LLC raised its stake in Corebridge Financial by 2.5% in the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock worth $494,000 after buying an additional 383 shares in the last quarter. Van ECK Associates Corp raised its stake in Corebridge Financial by 10.2% in the fourth quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock worth $141,000 after buying an additional 435 shares in the last quarter. Empowered Funds LLC lifted its holdings in Corebridge Financial by 7.1% in the fourth quarter. Empowered Funds LLC now owns 7,042 shares of the company’s stock worth $212,000 after buying an additional 465 shares during the period. Finally, Assetmark Inc. lifted its holdings in Corebridge Financial by 35.0% in the fourth quarter. Assetmark Inc. now owns 1,877 shares of the company’s stock worth $57,000 after buying an additional 487 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Elizabeth B. Cropper sold 7,745 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction of $256,049.70. Following the completion of the transaction, the executive vice president owned 46,473 shares of the company’s stock, valued at $1,536,397.38. This trade represents a 14.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the transaction, the insider owned 111,153 shares of the company’s stock, valued at $3,779,202. The trade was a 10.05% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 24,409 shares of company stock worth $805,626. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CRBG. Barclays lifted their price objective on Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Piper Sandler increased their target price on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Jefferies Financial Group lifted their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Finally, Wells Fargo & Company upped their price target on Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.42.

Corebridge Financial Trading Up 0.3%

Shares of NYSE CRBG opened at $31.91 on Friday. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a 50-day moving average of $31.13 and a 200 day moving average of $28.26. The stock has a market cap of $14.22 billion, a P/E ratio of 18.66, a price-to-earnings-growth ratio of 0.41 and a beta of 1.08.

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

Corebridge Financial Announces Dividend

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

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.