Elizabeth Cropper Sells 7,745 Shares of Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial, Inc. (NYSE:CRBG) EVP Elizabeth Cropper sold 7,745 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total value of $256,049.70. Following the transaction, the executive vice president owned 46,473 shares in the company, valued at $1,536,397.38. The trade was a 14.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Corebridge Financial Stock Up 0.3%

CRBG opened at $31.91 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The business has a 50 day simple moving average of $31.13 and a 200-day simple moving average of $28.26. The stock has a market capitalization of $14.22 billion, a P/E ratio of 18.66, a P/E/G ratio of 0.41 and a beta of 1.08. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $35.22.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter in the prior year, the company posted $1.36 earnings per share. On average, equities analysts anticipate that Corebridge Financial, Inc. will post 4.6 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders 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 3.1%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s payout ratio is presently 58.48%.

Wall Street Analyst Weigh In

CRBG has been the topic of several research analyst reports. Piper Sandler boosted their price target on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. TD Cowen raised their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Mizuho lifted their price objective on Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Jefferies Financial Group boosted their target price on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Finally, Barclays upped their target price on Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $37.42.

Institutional Trading of Corebridge Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AXQ Capital LP acquired a new position in Corebridge Financial in the 2nd quarter valued at about $821,000. Nykredit A S acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth about $1,347,000. B. Metzler seel. Sohn & Co. AG purchased a new stake in shares of Corebridge Financial during the second quarter worth about $311,000. Susquehanna Fundamental Investments LLC grew its holdings in shares of Corebridge Financial by 85.3% during the second quarter. Susquehanna Fundamental Investments LLC now owns 871,406 shares of the company’s stock worth $24,948,000 after buying an additional 401,038 shares in the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV raised its position in shares of Corebridge Financial by 68.8% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 16,800 shares of the company’s stock valued at $481,000 after buying an additional 6,850 shares during the last quarter. Hedge funds and other 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.