Corebridge Financial (NYSE:CRBG) Insider Sells $305,760.00 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) insider David Ditillo sold 8,736 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $35.00, for a total transaction of $305,760.00. Following the completion of the transaction, the insider owned 102,417 shares of the company’s stock, valued at approximately $3,584,595. This trade represents a 7.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 Thursday, August 6th, David Ditillo sold 12,414 shares of Corebridge Financial stock. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00.
• On Monday, July 6th, David Ditillo sold 4,250 shares of Corebridge Financial stock. The stock was sold at an average price of $30.00, for a total transaction of $127,500.00.

Corebridge Financial Trading Up 0.3%

NYSE CRBG traded up $0.11 on Monday, reaching $34.78. The company had a trading volume of 6,045,781 shares, compared to its average volume of 4,958,233. The firm has a market cap of $15.51 billion, a price-to-earnings ratio of 20.34, a P/E/G ratio of 0.45 and a beta of 1.08. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.17. The business has a 50 day moving average of $32.43 and a two-hundred day moving average of $28.54. 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 announced its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion during 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 period last year, the company earned $1.36 EPS. Analysts forecast that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is 58.48%.

Analysts Set New Price Targets

Several analysts recently commented on CRBG shares. Wells Fargo & Company upped their target price on Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Barclays boosted their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Finally, TD Cowen increased their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $37.42.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP acquired a new position in Corebridge Financial during the second quarter worth $99,469,000. 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. BlackRock Inc. bought a new position in Corebridge Financial in the 2nd quarter valued at about $726,494,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Corebridge Financial during the 2nd quarter valued at about $8,803,000. Finally, WINTON GROUP Ltd bought a new stake in Corebridge Financial during the 2nd quarter worth approximately $1,729,000. 98.25% of the stock is owned by institutional investors.

About Corebridge Financial

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group’s life and retirement business and began operating as an independent publicly traded company in 2022.