Traders Buy Large Volume of Put Options on Corebridge Financial (NYSE:CRBG)

Corebridge Financial, Inc. (NYSE:CRBG) was the target of some unusual options trading on Tuesday. Investors acquired 12,894 put options on the stock. This represents an increase of approximately 253% compared to the average daily volume of 3,655 put options.

Wall Street Analyst Weigh In

CRBG has been the topic of several recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Corebridge Financial in a research note on Friday, April 12th. Wells Fargo & Company upped their price target on Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. UBS Group lifted their target price on Corebridge Financial from $22.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. Keefe, Bruyette & Woods increased their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Finally, Evercore ISI upped their price objective on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus target price of $29.17.

Corebridge Financial Stock Up 1.3 %

NYSE CRBG traded up $0.39 on Tuesday, reaching $29.61. The stock had a trading volume of 993,684 shares, compared to its average volume of 4,241,834. The business has a 50 day moving average price of $26.71 and a 200 day moving average price of $23.77. Corebridge Financial has a 1 year low of $16.13 and a 1 year high of $29.75. The company has a market capitalization of $18.43 billion, a price-to-earnings ratio of 7.69, a P/E/G ratio of 0.33 and a beta of 0.96. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a return on equity of 24.31% and a net margin of 11.25%. The firm had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.50 billion. During the same quarter in the prior year, the business earned $0.97 earnings per share. On average, analysts forecast that Corebridge Financial will post 4.82 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Friday, June 14th. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Hedge Funds Weigh In On Corebridge Financial

Several large investors have recently made changes to their positions in CRBG. Factory Mutual Insurance Co. raised its stake in shares of Corebridge Financial by 47.1% in the fourth quarter. Factory Mutual Insurance Co. now owns 1,028,200 shares of the company’s stock valued at $22,271,000 after purchasing an additional 329,200 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Corebridge Financial by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,064,429 shares of the company’s stock valued at $337,022,000 after buying an additional 1,566,275 shares in the last quarter. Artemis Investment Management LLP bought a new position in shares of Corebridge Financial during the 4th quarter worth about $18,378,000. IFM Investors Pty Ltd acquired a new stake in shares of Corebridge Financial during the 1st quarter valued at about $1,166,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Corebridge Financial by 90.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,382,574 shares of the company’s stock valued at $27,306,000 after acquiring an additional 656,440 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Company Profile

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.