Corebridge Financial, Inc. (NYSE:CRBG) Major Shareholder Sells $936,000,000.00 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the sale, the insider now owns 249,238,898 shares in the company, valued at $7,776,253,617.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

International Group American also recently made the following trade(s):

• On Monday, September 16th, International Group American sold 5,000,000 shares of Corebridge Financial stock. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00.

Corebridge Financial Stock Performance

CRBG stock opened at $30.76 on Thursday. The company has a market cap of $17.50 billion, a P/E ratio of -14.72, a price-to-earnings-growth ratio of 0.40 and a beta of 0.90. Corebridge Financial, Inc. has a 1 year low of $19.26 and a 1 year high of $34.66. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The stock’s fifty day moving average price is $29.70 and its 200-day moving average price is $29.23.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The firm had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period last year, the business posted $1.05 EPS. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.76 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.99%. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors have recently bought and sold shares of CRBG. Capital Performance Advisors LLP bought a new position in Corebridge Financial in the 3rd quarter worth $28,000. ORG Wealth Partners LLC bought a new position in Corebridge Financial in the 3rd quarter worth $29,000. HM Payson & Co. bought a new position in Corebridge Financial in the 3rd quarter worth $29,000. LRI Investments LLC bought a new position in Corebridge Financial in the 2nd quarter worth $30,000. Finally, Covestor Ltd raised its holdings in Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after purchasing an additional 570 shares during the period. 98.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRBG. Piper Sandler cut their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. TD Cowen assumed coverage on Corebridge Financial in a research note on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price on the stock. Barclays increased their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Royal Bank of Canada cut their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Morgan Stanley increased their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $34.85.

About Corebridge Financial

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.