Corebridge Financial (NYSE:CRBG) Sees Unusually-High Trading Volume – What’s Next?

Corebridge Financial, Inc. (NYSE:CRBG) shares saw strong trading volume on Wednesday . 5,271,444 shares changed hands during trading, an increase of 58% from the previous session’s volume of 3,341,382 shares.The stock last traded at $30.3550 and had previously closed at $31.26.

Analysts Set New Price Targets

A number of analysts have commented on the company. Keefe, Bruyette & Woods lowered their price target on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research report on Thursday, October 9th. UBS Group raised Corebridge Financial from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Weiss Ratings reissued a “hold (c-)” rating on shares of Corebridge Financial in a report on Wednesday, October 8th. Wall Street Zen raised Corebridge Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Wells Fargo & Company decreased their price objective on Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.73.

Corebridge Financial Trading Down 1.7%

The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The company has a 50 day moving average of $32.63 and a two-hundred day moving average of $33.00. The stock has a market cap of $16.54 billion, a PE ratio of 18.28, a price-to-earnings-growth ratio of 0.49 and a beta of 1.02.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 20.51%. The business had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter in the prior year, the firm earned $1.23 EPS. Corebridge Financial’s revenue for the quarter was up 34.2% on a year-over-year basis. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.1%. The ex-dividend date is Wednesday, December 17th. Corebridge Financial’s payout ratio is 57.14%.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the completion of the transaction, the insider owned 82,711,853 shares of the company’s stock, valued at $2,783,253,853.45. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by insiders.

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently made changes to their positions in the stock. IFP Advisors Inc grew its position in shares of Corebridge Financial by 1,223.6% in the second quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after purchasing an additional 673 shares in the last quarter. Allworth Financial LP purchased a new stake in shares of Corebridge Financial in the second quarter valued at approximately $26,000. Assetmark Inc. grew its position in shares of Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after purchasing an additional 356 shares in the last quarter. Root Financial Partners LLC purchased a new stake in shares of Corebridge Financial in the third quarter valued at approximately $32,000. Finally, Nisa Investment Advisors LLC grew its position in shares of Corebridge Financial by 86.1% in the second quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock valued at $46,000 after purchasing an additional 603 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

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.