Traders Buy High Volume of Corebridge Financial Call Options (NYSE:CRBG)

Corebridge Financial, Inc. (NYSE:CRBG) saw unusually large options trading activity on Thursday. Stock investors acquired 30,834 call options on the stock. This is an increase of 3,092% compared to the typical volume of 966 call options.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. TD Cowen decreased their price target on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday. Morgan Stanley decreased their price target on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 3rd. Finally, Bank of America decreased their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.92.

Institutional Trading of Corebridge Financial

A number of large investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Corebridge Financial during the 4th quarter valued at $611,550,000. Pzena Investment Management LLC lifted its holdings in Corebridge Financial by 19.3% during the 3rd quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock valued at $715,651,000 after purchasing an additional 3,605,498 shares during the last quarter. State Street Corp lifted its holdings in Corebridge Financial by 44.3% during the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after purchasing an additional 3,465,371 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Corebridge Financial by 91.5% during the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock valued at $178,340,000 after purchasing an additional 2,823,801 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Corebridge Financial by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock valued at $211,575,000 after purchasing an additional 2,689,611 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $27.58 on Friday. The stock has a market cap of $12.59 billion, a P/E ratio of 50.14, a P/E/G ratio of 0.29 and a beta of 1.18. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The company has a fifty day moving average price of $25.30 and a two-hundred day moving average price of $28.42. Corebridge Financial has a one year low of $22.19 and a one year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same quarter in the prior year, the business earned $1.16 EPS. As a group, equities analysts predict that Corebridge Financial will post 4.91 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid a $0.25 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.6%. Corebridge Financial’s dividend payout ratio (DPR) is currently 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.