Elizabeth Cropper Sells 7,745 Shares of Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial, Inc. (NYSE:CRBG) EVP Elizabeth Cropper sold 7,745 shares of Corebridge Financial stock in a transaction that occurred on Wednesday, August 19th. The stock was 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 in the company, valued at approximately $1,536,397.38. This represents a 14.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock traded down $0.76 during midday trading on Thursday, hitting $31.81. The company had a trading volume of 3,199,866 shares, compared to its average volume of 4,972,496. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $35.22. The stock has a market cap of $14.18 billion, a PE ratio of 7.49, a P/E/G ratio of 0.42 and a beta of 1.08. The business’s 50 day simple moving average is $31.07 and its two-hundred day simple moving average is $28.24. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the firm posted $1.36 EPS. As a group, equities analysts predict that Corebridge Financial, Inc. will post 4.6 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is 58.48%.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Salomon & Ludwin LLC lifted its holdings in Corebridge Financial by 179.7% in the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after buying an additional 532 shares during the period. Rothschild Investment LLC raised its stake in shares of Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after purchasing an additional 520 shares during the period. Bell Investment Advisors Inc purchased a new position in Corebridge Financial in the second quarter valued at about $27,000. Sonoma Allocations LLC purchased a new stake in Corebridge Financial in the first quarter worth $30,000. Finally, Allworth Financial LP bought a new stake in Corebridge Financial in the 2nd quarter valued at about $41,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the topic of several research analyst reports. TD Cowen raised their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their target price on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Finally, Jefferies Financial Group upped their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target of $37.42.

About Corebridge Financial

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.