Corebridge Financial (NYSE:CRBG) Insider David Ditillo Sells 4,250 Shares

Corebridge Financial, Inc. (NYSE:CRBG) insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $30.00, for a total value of $127,500.00. Following the sale, the insider directly owned 128,153 shares of the company’s stock, valued at $3,844,590. This represents a 3.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Corebridge Financial Trading Down 0.6%

NYSE CRBG opened at $30.63 on Wednesday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The business has a 50 day moving average price of $27.88 and a 200-day moving average price of $27.87. The company has a market cap of $13.65 billion, a price-to-earnings ratio of 55.69, a P/E/G ratio of 0.34 and a beta of 1.10.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The company had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same period last year, the company earned $1.16 earnings per share. As a group, equities analysts expect that Corebridge Financial, Inc. will post 4.75 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 annualized dividend and a yield of 3.3%. Corebridge Financial’s payout ratio is currently 181.82%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRBG. Keefe, Bruyette & Woods lifted their price target on shares of Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, May 6th. Weiss Ratings cut Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Barclays lifted their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday. TD Cowen reduced their target price on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Finally, Piper Sandler dropped their price target on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.64.

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its stake in Corebridge Financial by 46.0% in the 2nd quarter. GAMMA Investing LLC now owns 5,040 shares of the company’s stock worth $144,000 after acquiring an additional 1,589 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after acquiring an additional 1,484 shares during the last quarter. Redwood Investment Management LLC grew its holdings in shares of Corebridge Financial by 9.6% during the first quarter. Redwood Investment Management LLC now owns 45,362 shares of the company’s stock worth $1,082,000 after purchasing an additional 3,982 shares in the last quarter. Glenmede Trust Co. NA grew its holdings in shares of Corebridge Financial by 11.2% during the first quarter. Glenmede Trust Co. NA now owns 8,742 shares of the company’s stock worth $209,000 after purchasing an additional 884 shares in the last quarter. Finally, Sonoma Allocations LLC bought a new position in shares of Corebridge Financial in the first quarter worth approximately $30,000. Institutional investors own 98.25% of the company’s stock.

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.