Hotchkis & Wiley Capital Management LLC Acquires 15,410 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Hotchkis & Wiley Capital Management LLC grew its position in Corebridge Financial, Inc. (NYSE:CRBG) by 0.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 8,086,483 shares of the company’s stock after purchasing an additional 15,410 shares during the period. Hotchkis & Wiley Capital Management LLC’s holdings in Corebridge Financial were worth $235,802,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Corebridge Financial in the 3rd quarter worth about $27,000. Capital Performance Advisors LLP purchased a new position in Corebridge Financial in the third quarter valued at about $28,000. ORG Wealth Partners LLC acquired a new position in shares of Corebridge Financial in the third quarter valued at about $29,000. HM Payson & Co. purchased a new position in shares of Corebridge Financial in the 3rd quarter valued at about $29,000. Finally, LRI Investments LLC acquired a new stake in shares of Corebridge Financial in the second quarter valued at approximately $30,000. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CRBG shares. Piper Sandler reduced their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. TD Cowen boosted their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Barclays boosted their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Morgan Stanley increased their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and an average target price of $35.00.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the transaction, the insider now owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This trade represents a 1.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.08% of the company’s stock.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $31.95 on Tuesday. The stock’s 50 day simple moving average is $30.75 and its 200 day simple moving average is $29.46. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial, Inc. has a 12-month low of $20.07 and a 12-month high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business posted $1.05 earnings per share. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. Research analysts expect that Corebridge Financial, Inc. will post 4.81 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently -44.02%.

About Corebridge Financial

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.