Corebridge Financial, Inc. (NYSE:CRBG) Major Shareholder Sells $144,300,000.00 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 5,000,000 shares of Corebridge Financial stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the transaction, the insider now directly owns 279,238,898 shares in the company, valued at $8,058,834,596.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more 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 Wednesday, August 7th, International Group American sold 8,032,129 shares of Corebridge Financial stock. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10.
• On Tuesday, July 2nd, International Group American sold 1,932,609 shares of Corebridge Financial stock. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80.

Corebridge Financial Stock Performance

NYSE:CRBG traded up $0.07 during midday trading on Wednesday, hitting $27.02. The company’s stock had a trading volume of 4,187,704 shares, compared to its average volume of 4,042,061. Corebridge Financial, Inc. has a fifty-two week low of $18.71 and a fifty-two week high of $34.66. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a market cap of $16.44 billion, a P/E ratio of 7.14, a P/E/G ratio of 0.35 and a beta of 0.97. The firm’s 50 day moving average is $28.17 and its 200-day moving average is $28.23.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same quarter in the prior year, the business earned $1.04 earnings per share. Equities analysts anticipate that Corebridge Financial, Inc. will post 4.74 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is 24.21%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Ghisallo Capital Management LLC increased its holdings in shares of Corebridge Financial by 50.0% during the 2nd quarter. Ghisallo Capital Management LLC now owns 1,500,000 shares of the company’s stock valued at $43,680,000 after purchasing an additional 500,000 shares in the last quarter. Senator Investment Group LP increased its holdings in Corebridge Financial by 152.2% in the second quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock valued at $33,779,000 after buying an additional 700,000 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Corebridge Financial by 850.1% in the second quarter. Mackenzie Financial Corp now owns 577,005 shares of the company’s stock worth $16,802,000 after acquiring an additional 516,271 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Corebridge Financial by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after acquiring an additional 585 shares in the last quarter. Finally, Dark Forest Capital Management LP grew its position in shares of Corebridge Financial by 37.0% during the 2nd quarter. Dark Forest Capital Management LP now owns 49,799 shares of the company’s stock valued at $1,450,000 after acquiring an additional 13,438 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on CRBG. JPMorgan Chase & Co. lifted their target price on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, July 2nd. UBS Group lifted their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Bank of America decreased their target price on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Jefferies Financial Group boosted their target price on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Finally, Barclays began coverage on Corebridge Financial in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $33.62.

About Corebridge Financial

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.