Insider Selling: Corebridge Financial (NYSE:CRBG) Insider Sells $127,500.00 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) insider David Ditillo sold 4,250 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the completion of the transaction, the insider directly owned 128,153 shares of the company’s stock, valued at $3,844,590. The trade was a 3.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Corebridge Financial Stock Up 1.6%

CRBG stock opened at $30.31 on Friday. The stock has a market capitalization of $13.51 billion, a PE ratio of 55.12, a price-to-earnings-growth ratio of 0.33 and a beta of 1.10. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The firm has a 50 day moving average of $28.01 and a 200 day moving average of $27.86.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The company had revenue of $4.08 billion for 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 previous year, the company posted $1.16 EPS. Sell-side analysts forecast that Corebridge Financial, Inc. will post 4.75 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is presently 181.82%.

Institutional Trading of Corebridge Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Corebridge Financial by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after purchasing an additional 311,133 shares in the last quarter. Pzena Investment Management LLC boosted its holdings in Corebridge Financial by 14.4% during the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock worth $645,313,000 after buying an additional 3,413,384 shares in the last quarter. Norges Bank acquired a new stake in Corebridge Financial during the fourth quarter valued at $611,550,000. State Street Corp increased its holdings in Corebridge Financial by 44.3% in the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after buying an additional 3,465,371 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Corebridge Financial by 43.5% in the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock worth $211,575,000 after acquiring an additional 2,689,611 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Bank of America lowered their price target on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Wells Fargo & Company increased their price objective on Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. dropped their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 12th. Finally, UBS Group increased their price target on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus target price of $35.09.

Corebridge Financial Company Profile

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.