Corebridge Financial, Inc. (NYSE:CRBG) Major Shareholder Sells $56,432,182.80 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 1,932,609 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the sale, the insider now directly owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Monday, June 3rd, International Group American sold 30,000,000 shares of Corebridge Financial stock. The stock was sold at an average price of $29.20, for a total value of $876,000,000.00.

Corebridge Financial Stock Performance

Corebridge Financial stock traded up $0.47 during mid-day trading on Tuesday, reaching $29.59. The company’s stock had a trading volume of 2,223,280 shares, compared to its average volume of 4,457,125. The firm’s fifty day moving average price is $29.25 and its two-hundred day moving average price is $26.39. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial, Inc. has a 12-month low of $17.40 and a 12-month high of $34.66. The company has a market capitalization of $18.00 billion, a P/E ratio of 7.72, a PEG ratio of 0.32 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.05. The company had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same period in the previous year, the business earned $0.97 earnings per share. Sell-side analysts predict that Corebridge Financial, Inc. will post 4.95 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

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

Analyst Ratings Changes

CRBG has been the topic of a number of recent research reports. Morgan Stanley raised their target price on Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Wells Fargo & Company raised their price objective on Corebridge Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, May 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $33.00 target price on shares of Corebridge Financial in a research note on Friday. Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $31.42.

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently added to or reduced their stakes in the business. Riverview Trust Co purchased a new stake in shares of Corebridge Financial during the 1st quarter valued at $25,000. Vestor Capital LLC bought a new stake in Corebridge Financial in the 4th quarter worth approximately $43,000. Headlands Technologies LLC purchased a new stake in Corebridge Financial in the fourth quarter worth approximately $65,000. Plato Investment Management Ltd bought a new position in Corebridge Financial during the first quarter valued at approximately $100,000. Finally, UniSuper Management Pty Ltd purchased a new position in shares of Corebridge Financial during the first quarter worth approximately $103,000. Institutional investors own 98.25% of the company’s stock.

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.