Corebridge Financial (NYSE:CRBG) Share Price Breaks Above 50 Day Moving Average – Time to Sell?

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 traded.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CRBG shares. Piper Sandler upped their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Keefe, Bruyette & Woods raised their price target on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Mizuho raised their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 7th. Wells Fargo & Company boosted their price objective on Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Finally, TD Cowen upped their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.18.

Corebridge Financial Trading Up 0.6%

The stock has a market capitalization of $15.84 billion, a P/E ratio of 7.79, a PEG ratio of 0.52 and a beta of 1.05. The stock’s fifty day moving average price is $34.63 and its 200 day moving average price is $30.05. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data 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 company had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $5.36 billion. Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. The company’s quarterly revenue was down 20.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.96 EPS. Research analysts forecast that Corebridge Financial, Inc. will post 4.57 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders 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 dividend yield of 2.8%. Corebridge Financial’s dividend payout ratio (DPR) is 21.46%.

Insider Activity at Corebridge Financial

In related news, major shareholder Life Insurance Co Nippon purchased 356,096 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The stock was purchased at an average price 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. The trade was a 0.27% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Argon Holdco Llc sold 3,227,700 shares of the business’s stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $34.09, for a total value of $110,032,293.00. Following the completion of the sale, the insider owned 44,234,423 shares of the company’s stock, valued at $1,507,951,480.07. The trade was a 6.80% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have bought 10,729,538 shares of company stock valued at $369,813,983 and have sold 3,244,181 shares valued at $110,594,103. Insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently bought and sold shares of CRBG. ProShare Advisors LLC grew its position in shares of Corebridge Financial by 4.7% during the 3rd quarter. ProShare Advisors LLC now owns 9,994 shares of the company’s stock worth $331,000 after buying an additional 445 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Corebridge Financial by 59.8% in the third quarter. Parallel Advisors LLC now owns 1,192 shares of the company’s stock valued at $39,000 after acquiring an additional 446 shares in the last quarter. Voya Investment Management LLC raised its holdings in shares of Corebridge Financial by 2.5% in the third quarter. Voya Investment Management LLC now owns 21,175 shares of the company’s stock valued at $701,000 after acquiring an additional 508 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of Corebridge Financial by 0.4% in the third quarter. Bessemer Group Inc. now owns 129,826 shares of the company’s stock valued at $4,300,000 after acquiring an additional 547 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in Corebridge Financial by 0.6% in the third quarter. Pictet Asset Management Holding SA now owns 100,478 shares of the company’s stock worth $3,328,000 after acquiring an additional 580 shares during the period. 98.25% of the stock is owned by institutional investors.

About Corebridge Financial

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.