Corebridge Financial (NYSE:CRBG) Stock Breaks Above 50 Day Moving Average – Should You Sell?

Shares of Corebridge Financial, Inc. (NYSE:CRBG) crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $34.48 and traded as high as $36.22. Corebridge Financial shares last traded at $35.9120, with a volume of 4,584,695 shares changing hands.

Analyst Upgrades and Downgrades

CRBG has been the subject of several recent research reports. Weiss Ratings raised shares of Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 29th. Mizuho raised their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, October 7th. TD Cowen lifted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 21st. Piper Sandler boosted their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Finally, UBS Group increased their target price on Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, October 6th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $39.18.

Corebridge Financial Stock Performance

The firm has a market cap of $15.75 billion, a P/E ratio of 7.71, a price-to-earnings-growth ratio of 0.53 and a beta of 1.05. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 1.67. The business’s fifty day simple moving average is $34.48 and its 200-day simple moving average is $30.00.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Tuesday, November 3rd. The company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01). The firm had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $5.36 billion. Corebridge Financial had a return on equity of 20.64% and a net margin of 11.37%. The business’s revenue for the quarter was down 20.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.96 earnings per share. As a group, sell-side analysts expect that Corebridge Financial, Inc. will post 4.57 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, December 17th. This represents a $1.00 dividend on an annualized basis and a yield of 2.8%. Corebridge Financial’s dividend payout ratio is presently 21.46%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon bought 356,096 shares of Corebridge Financial stock in a transaction dated Tuesday, November 3rd. The shares were purchased at an average cost of $36.13 per share, with a total value of $12,865,748.48. Following the completion of the purchase, the insider owned 132,890,209 shares of the company’s stock, valued at approximately $4,801,323,251.17. This represents a 0.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders purchased 10,729,538 shares of company stock valued at $369,813,983. 0.32% of the stock is currently owned by company insiders.

Institutional Trading of Corebridge Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRBG. Bell Investment Advisors Inc purchased a new position in Corebridge Financial during the 2nd quarter valued at $27,000. Parallel Advisors LLC lifted its position in shares of Corebridge Financial by 59.8% in the 3rd quarter. Parallel Advisors LLC now owns 1,192 shares of the company’s stock worth $39,000 after purchasing an additional 446 shares during the period. Sonoma Allocations LLC purchased a new stake in shares of Corebridge Financial in the 1st quarter worth about $30,000. Allworth Financial LP bought a new stake in shares of Corebridge Financial during the 2nd quarter valued at about $41,000. Finally, Versant Capital Management Inc increased its position in shares of Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after buying an additional 1,484 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Company Profile

Corebridge Financial is a U.S.-based provider of retirement solutions and insurance products. Its offerings include annuities and other individual retirement products, life insurance, and retirement plans and services for employers and their workers.

The company also serves institutional clients with products and services such as pension risk-transfer solutions and funding agreements. Its business is organized around individual retirement, group retirement, life insurance, and institutional markets, with products distributed through financial professionals and other channels.

Corebridge was established as the life and retirement business of American International Group and became an independent public company in 2022.