Dimensional Fund Advisors LP Buys 2,137,594 Shares of Corebridge Financial, Inc. (NYSE:CRBG)

Dimensional Fund Advisors LP increased its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 150.1% in the 2nd quarter, Holdings Channel reports. The firm owned 3,561,382 shares of the company’s stock after purchasing an additional 2,137,594 shares during the period. Dimensional Fund Advisors LP’s holdings in Corebridge Financial were worth $103,707,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in CRBG. Commonwealth Equity Services LLC raised its position in shares of Corebridge Financial by 2.7% in the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock valued at $650,000 after purchasing an additional 597 shares during the period. Riverview Trust Co bought a new position in Corebridge Financial in the 1st quarter worth $25,000. Deseret Mutual Benefit Administrators raised its holdings in Corebridge Financial by 73.2% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after acquiring an additional 877 shares during the period. O Shaughnessy Asset Management LLC lifted its position in Corebridge Financial by 5.9% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 17,511 shares of the company’s stock worth $503,000 after acquiring an additional 978 shares during the last quarter. Finally, LRI Investments LLC bought a new stake in Corebridge Financial during the second quarter valued at about $30,000. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $28.80 on Wednesday. The firm has a market cap of $17.52 billion, a P/E ratio of 7.58, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. The firm’s 50-day simple moving average is $28.02 and its 200-day simple moving average is $28.34. Corebridge Financial, Inc. has a twelve month low of $18.83 and a twelve month high of $34.66. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the business earned $1.04 earnings per share. As a group, research analysts expect that Corebridge Financial, Inc. will post 4.74 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is 24.21%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CRBG. UBS Group lifted their price objective on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. JPMorgan Chase & Co. upped their price target on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Royal Bank of Canada lowered their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Barclays began coverage on shares of Corebridge Financial in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 target price for the company. Finally, Bank of America reduced their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $33.62.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 8,032,129 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the sale, the insider now owns 284,238,898 shares of the company’s stock, valued at approximately $7,077,548,560.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders sold 14,964,738 shares of company stock worth $400,732,195 over the last three months. 0.09% of the stock is currently owned by corporate insiders.

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.