Corebridge Financial, Inc. (NYSE:CRBG) Major Shareholder International Group American Sells 121,956,256 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the transaction, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Thursday, November 7th, International Group American sold 30,000,000 shares of Corebridge Financial stock. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00.
• 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 Price Performance

Shares of CRBG stock opened at $30.24 on Wednesday. The company has a market capitalization of $17.20 billion, a PE ratio of -14.47, a price-to-earnings-growth ratio of 0.41 and a beta of 0.86. The firm has a fifty day simple moving average of $31.14 and a 200-day simple moving average of $29.50. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial, Inc. has a twelve month low of $20.32 and a twelve month high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the firm posted $1.05 EPS. Corebridge Financial’s revenue was up 39.5% compared to the same quarter last year. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.81 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

Analyst Upgrades and Downgrades

CRBG has been the topic of several analyst reports. TD Cowen upped their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Piper Sandler dropped their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Barclays increased their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, Morgan Stanley increased their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRBG. Point72 Asia Singapore Pte. Ltd. acquired a new position in Corebridge Financial during the third quarter valued at approximately $27,000. Capital Performance Advisors LLP acquired a new stake in Corebridge Financial during the 3rd quarter valued at $28,000. ORG Wealth Partners LLC acquired a new position in shares of Corebridge Financial during the 3rd quarter worth approximately $29,000. HM Payson & Co. acquired a new position in shares of Corebridge Financial during the 3rd quarter worth approximately $29,000. Finally, LRI Investments LLC bought a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $30,000. Institutional investors 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.