Corebridge Financial (NYSE:CRBG) Insider Sells 12,414 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider owned 111,153 shares of the company’s stock, valued at approximately $3,779,202. This represents a 10.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

David Ditillo also recently made the following trade(s):

• On Monday, July 6th, David Ditillo sold 4,250 shares of Corebridge Financial stock. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00.

Corebridge Financial Trading Down 1.1%

Shares of Corebridge Financial stock traded down $0.36 on Friday, hitting $33.65. 3,895,977 shares of the company’s stock traded hands, compared to its average volume of 5,131,668. The firm’s 50-day moving average price is $29.78 and its two-hundred day moving average price is $28.02. The stock has a market capitalization of $15.00 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 0.42 and a beta of 1.08. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $35.22. 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 posted its quarterly earnings results on Tuesday, August 4th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period last year, the company earned $1.36 EPS. On average, research analysts expect that Corebridge Financial, Inc. will post 4.55 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s payout ratio is presently 58.48%.

Institutional Trading of Corebridge Financial

A number of large investors have recently bought and sold shares of CRBG. Vanguard Group Inc. raised its holdings in Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after buying an additional 311,133 shares during the period. Pzena Investment Management LLC boosted its holdings in shares of Corebridge Financial by 14.4% in the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock valued at $645,313,000 after buying an additional 3,413,384 shares during the period. BlackRock Inc. acquired a new position in shares of Corebridge Financial in the second quarter valued at approximately $726,494,000. Norges Bank bought a new stake in shares of Corebridge Financial during the fourth quarter worth $611,550,000. Finally, State Street Corp raised its holdings in shares of Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after acquiring an additional 3,465,371 shares during the period. 98.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Weiss Ratings downgraded shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. UBS Group boosted their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Wells Fargo & Company upped their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Bank of America cut their target price on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Finally, Mizuho lifted their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Thursday, July 9th. Nine equities research analysts have rated the stock with a Buy rating and six 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 a consensus price target of $36.75.

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.