Investors Purchase Large Volume of Put Options on Corebridge Financial (NYSE:CRBG)

Corebridge Financial, Inc. (NYSE:CRBG) saw some unusual options trading on Tuesday. Stock traders acquired 12,894 put options on the stock. This is an increase of approximately 253% compared to the typical daily volume of 3,655 put options.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently modified their holdings of CRBG. American International Group Inc. boosted its position in shares of Corebridge Financial by 25,998,738.6% during the 4th quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock valued at $7,022,291,000 after acquiring an additional 324,204,270 shares during the last quarter. Capital Research Global Investors grew its stake in Corebridge Financial by 6.5% in the 4th quarter. Capital Research Global Investors now owns 30,781,806 shares of the company’s stock worth $666,734,000 after buying an additional 1,865,841 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Corebridge Financial by 39.0% in the 4th quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock worth $513,626,000 after buying an additional 6,648,673 shares during the last quarter. Norges Bank purchased a new stake in shares of Corebridge Financial during the 4th quarter valued at $225,561,000. Finally, Hotchkis & Wiley Capital Management LLC grew its position in Corebridge Financial by 106.3% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock worth $216,831,000 after acquiring an additional 5,157,570 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Up 1.3 %

Shares of CRBG stock traded up $0.39 on Tuesday, hitting $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 of $26.71 and a 200 day moving average of $23.77. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.14 and a quick ratio of 0.14. The stock has a market cap of $18.43 billion, a price-to-earnings ratio of 7.69, a price-to-earnings-growth ratio of 0.33 and a beta of 0.96. Corebridge Financial has a 12-month low of $16.13 and a 12-month high of $29.75.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.05. The firm had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.50 billion. Corebridge Financial had a return on equity of 24.31% and a net margin of 11.25%. During the same period in the previous year, the company posted $0.97 earnings per share. As a group, analysts expect that Corebridge Financial will post 4.82 EPS for the current year.

Corebridge Financial Dividend Announcement

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

Analyst Ratings Changes

CRBG has been the topic of several analyst reports. Wells Fargo & Company increased their price objective on Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. The Goldman Sachs Group increased their price target on Corebridge Financial from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Keefe, Bruyette & Woods boosted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $32.00 target price on shares of Corebridge Financial in a research note on Friday, April 12th. Finally, Evercore ISI increased their price target on Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.17.

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.