Corebridge Financial, Inc. (NYSE:CRBG) Major Shareholder Sells $936,000,000.00 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the transaction, the insider now owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Major 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, September 16th, International Group American sold 5,000,000 shares of Corebridge Financial stock. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00.

Corebridge Financial Stock Down 0.8 %

CRBG stock opened at $30.53 on Friday. The stock has a market capitalization of $17.36 billion, a P/E ratio of -14.61, a P/E/G ratio of 0.40 and a beta of 0.90. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial, Inc. has a 1-year low of $19.26 and a 1-year high of $34.66. The business has a fifty day moving average price of $29.74 and a 200-day moving average price of $29.24.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. Corebridge Financial’s revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 EPS. Equities analysts forecast that Corebridge Financial, Inc. will post 4.76 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.01%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Institutional Investors Weigh In On Corebridge Financial

A number of large investors have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Corebridge Financial during the 3rd quarter valued at $27,000. Capital Performance Advisors LLP purchased a new stake in Corebridge Financial during the third quarter valued at $28,000. ORG Wealth Partners LLC bought a new position in Corebridge Financial in the third quarter valued at about $29,000. HM Payson & Co. purchased a new position in Corebridge Financial in the third quarter worth about $29,000. Finally, LRI Investments LLC bought a new stake in shares of Corebridge Financial during the 2nd quarter valued at about $30,000. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CRBG. TD Cowen started coverage on Corebridge Financial in a research note on Wednesday, October 9th. They issued a “buy” rating and a $35.00 target price for the company. Royal Bank of Canada reduced their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Piper Sandler dropped their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Morgan Stanley raised their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Barclays boosted their price target on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $34.85.

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.