Corebridge Financial (NYSE:CRBG) Major Shareholder Argon Holdco Llc Sells 3,227,700 Shares of Company Stock

Corebridge Financial, Inc. (NYSE:CRBG) 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 stock was sold at an average price of $34.09, for a total transaction of $110,032,293.00. Following the completion of the transaction, the insider directly owned 44,234,423 shares of the company’s stock, valued at $1,507,951,480.07. This trade represents a 6.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Corebridge Financial Stock Up 0.1%

Corebridge Financial stock opened at $35.94 on Wednesday. The business has a fifty day moving average of $34.55 and a two-hundred day moving average of $30.02. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 1.67. The firm has a market cap of $15.76 billion, a P/E ratio of 7.71, a P/E/G ratio of 0.52 and a beta of 1.05. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $36.71.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Tuesday, November 3rd. The company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.01). Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. The company had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same period last year, the business posted $0.96 EPS. The firm’s revenue was down 20.0% compared to the same quarter last year. On average, analysts forecast that Corebridge Financial, Inc. will post 4.57 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have issued reports on the company. TD Cowen lifted their target price on Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 21st. Mizuho increased their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, October 7th. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, October 12th. UBS Group raised their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, October 6th. Finally, Piper Sandler lifted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target of $39.18.

Institutional Trading of Corebridge Financial

Several large investors have recently bought and sold shares of CRBG. Ieq Capital LLC acquired a new stake in shares of Corebridge Financial during the third quarter worth $1,955,000. Focus Advisor Solutions LLC purchased a new stake in shares of Corebridge Financial during the third quarter valued at $429,000. Voya Investment Management LLC increased its position in shares of Corebridge Financial by 2.5% in the 3rd 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 during the period. Public Sector Pension Investment Board acquired a new position in shares of Corebridge Financial in the 3rd quarter valued at $492,000. Finally, Rothschild Investment LLC increased its position in shares of Corebridge Financial by 290.5% in the 3rd quarter. Rothschild Investment LLC now owns 4,682 shares of the company’s stock valued at $155,000 after acquiring an additional 3,483 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.