Corebridge Financial Target of Unusually High Options Trading (NYSE:CRBG)

Corebridge Financial, Inc. (NYSE:CRBG) was the recipient of unusually large options trading activity on Thursday. Stock traders bought 30,834 call options on the company. This is an increase of approximately 3,092% compared to the typical volume of 966 call options.

Institutional Trading of Corebridge Financial

Large investors have recently bought and sold shares of the business. Community Bank N.A. acquired a new stake in Corebridge Financial during the 3rd quarter worth approximately $26,000. Salomon & Ludwin LLC increased its position in shares of Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after acquiring an additional 532 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after acquiring an additional 377 shares during the period. Rothschild Investment LLC raised its holdings in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares during the period. Finally, Root Financial Partners LLC bought a new stake in Corebridge Financial in the 3rd quarter valued at $32,000. 98.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Bank of America reduced their price target on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Zacks Research downgraded Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. TD Cowen reduced their target price on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Mizuho boosted their target price on Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Finally, Keefe, Bruyette & Woods upped their price target on Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.92.

Corebridge Financial Trading Down 0.3%

Shares of CRBG traded down $0.10 during trading hours on Friday, reaching $27.57. The stock had a trading volume of 6,947,328 shares, compared to its average volume of 8,330,246. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial has a 52 week low of $22.19 and a 52 week high of $36.57. The firm has a 50-day moving average of $25.32 and a 200 day moving average of $28.42. The company has a market cap of $12.59 billion, a P/E ratio of 50.12, a P/E/G ratio of 0.30 and a beta of 1.18.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the prior year, the firm posted $1.16 earnings per share. On average, sell-side analysts expect that Corebridge Financial will post 4.9 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial’s payout ratio is 181.82%.

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.