International Group American Sells 1,932,609 Shares of Corebridge Financial, Inc. (NYSE:CRBG) Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 1,932,609 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total value of $56,432,182.80. Following the sale, the insider now owns 292,271,027 shares in the company, valued at approximately $8,534,313,988.40. The sale was disclosed in a filing with the SEC, which is available through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

International Group American also recently made the following trade(s):

• On Monday, June 3rd, International Group American sold 30,000,000 shares of Corebridge Financial stock. The stock was sold at an average price of $29.20, for a total value of $876,000,000.00.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock opened at $29.59 on Wednesday. The business’s fifty day simple moving average is $29.29 and its 200 day simple moving average is $26.45. The firm has a market capitalization of $18.00 billion, a P/E ratio of 7.79, a price-to-earnings-growth ratio of 0.32 and a beta of 0.97. Corebridge Financial, Inc. has a 12 month low of $17.40 and a 12 month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. The business had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.50 billion. During the same period last year, the business posted $0.97 earnings per share. As a group, analysts anticipate that Corebridge Financial, Inc. will post 4.95 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date was Friday, June 14th. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Institutional Trading of Corebridge Financial

A number of large investors have recently bought and sold shares of the company. Rhumbline Advisers grew its position in shares of Corebridge Financial by 72.4% in the third quarter. Rhumbline Advisers now owns 152,119 shares of the company’s stock valued at $3,004,000 after purchasing an additional 63,903 shares in the last quarter. Invesco Ltd. grew its position in shares of Corebridge Financial by 128.4% in the third quarter. Invesco Ltd. now owns 333,170 shares of the company’s stock valued at $6,580,000 after purchasing an additional 187,272 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of Corebridge Financial in the third quarter valued at $372,000. Mariner LLC grew its position in shares of Corebridge Financial by 4.3% in the third quarter. Mariner LLC now owns 33,647 shares of the company’s stock valued at $665,000 after purchasing an additional 1,388 shares in the last quarter. Finally, Seven Eight Capital LP grew its position in shares of Corebridge Financial by 50.8% in the third quarter. Seven Eight Capital LP now owns 75,850 shares of the company’s stock valued at $1,498,000 after purchasing an additional 25,566 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $33.00 price target on shares of Corebridge Financial in a research note on Friday, June 28th. JPMorgan Chase & Co. upped their price target on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday. Jefferies Financial Group upped their price target on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Piper Sandler upped their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, May 6th. Finally, Morgan Stanley upped their price target on Corebridge Financial from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.42.

Corebridge Financial Company Profile

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.