Insider Selling: Corebridge Financial (NYSE:CRBG) EVP Sells $256,049.70 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) EVP Elizabeth Cropper sold 7,745 shares of Corebridge Financial stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction of $256,049.70. Following the completion of the sale, the executive vice president owned 46,473 shares of the company’s stock, valued at $1,536,397.38. This trade represents a 14.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Corebridge Financial Stock Performance

NYSE CRBG opened at $31.91 on Friday. The firm has a 50-day moving average price of $31.13 and a two-hundred day moving average price of $28.26. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $35.22. The company 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. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The company had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period last year, the firm earned $1.36 earnings per share. Analysts anticipate that Corebridge Financial, Inc. will post 4.6 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.1%. Corebridge Financial’s dividend payout ratio is currently 58.48%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CRBG. JPMorgan Chase & Co. cut their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Barclays raised their price target on 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 boosted their price target on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Finally, Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $37.42.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Salomon & Ludwin LLC boosted its holdings in shares of Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after purchasing an additional 532 shares in the last quarter. Rothschild Investment LLC raised its holdings in shares of Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after buying an additional 520 shares in the last quarter. Bell Investment Advisors Inc bought a new stake in shares of Corebridge Financial during the 2nd quarter worth $27,000. Sonoma Allocations LLC bought a new stake in shares of Corebridge Financial during the 1st quarter worth $30,000. Finally, Allworth Financial LP acquired a new stake in Corebridge Financial in the second quarter valued at about $41,000. 98.25% of the stock is currently owned by institutional investors.

About Corebridge Financial

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.