Corebridge Financial (NYSE:CRBG) Shares Gap Down – What’s Next?

Corebridge Financial, Inc. (NYSE:CRBG) gapped down prior to trading on Tuesday . The stock had previously closed at $34.49, but opened at $33.05. Corebridge Financial shares last traded at $33.1820, with a volume of 3,340,180 shares changing hands.

Analyst Ratings Changes

A number of brokerages recently issued reports on CRBG. Piper Sandler increased their price target on Corebridge Financial from $31.00 to $36.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. UBS Group boosted their target price on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Bank of America lowered their price objective on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Barclays increased their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Corebridge Financial Price Performance

The stock has a market cap of $14.85 billion, a P/E ratio of 19.44, a P/E/G ratio of 0.44 and a beta of 1.08. The firm has a 50 day moving average price of $30.07 and a 200 day moving average price of $28.08. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same quarter last year, the firm earned $1.36 EPS. On average, analysts forecast that Corebridge Financial, Inc. will post 4.55 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.0%. Corebridge Financial’s dividend payout ratio is 58.48%.

Insider Activity at Corebridge Financial

In related news, insider David Ditillo sold 12,414 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider directly owned 111,153 shares of the company’s stock, valued at $3,779,202. This represents a 10.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently added to or reduced their stakes in CRBG. State of Michigan Retirement System bought a new position in shares of Corebridge Financial during the fourth quarter valued at approximately $2,130,000. Yousif Capital Management LLC grew its position in shares of Corebridge Financial by 873.3% during the fourth quarter. Yousif Capital Management LLC now owns 88,066 shares of the company’s stock worth $2,591,000 after acquiring an additional 79,018 shares during the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new stake in shares of Corebridge Financial in the 4th quarter worth about $5,358,000. Vanguard Group Inc. lifted its position in Corebridge Financial by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after purchasing an additional 311,133 shares during the last quarter. Finally, New York State Teachers Retirement System acquired a new position in Corebridge Financial during the 4th quarter valued at about $2,072,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.