Corebridge Financial, Inc. (NYSE:CRBG) Major Shareholder Sells $936,000,000.00 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 30,000,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the sale, the insider now owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Monday, September 16th, International Group American sold 5,000,000 shares of Corebridge Financial stock. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00.

Corebridge Financial Stock Down 0.8 %

CRBG opened at $30.53 on Friday. Corebridge Financial, Inc. has a 12 month low of $19.26 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 0.83. The business’s 50-day moving average price is $29.74 and its 200-day moving average price is $29.24. The company has a market cap of $17.36 billion, a P/E ratio of -14.61, a P/E/G ratio of 0.40 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the previous year, the firm earned $1.05 EPS. The business’s quarterly revenue was up 39.5% on a year-over-year basis. On average, equities analysts expect that Corebridge Financial, Inc. will post 4.76 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 3.01%. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. TD Cowen assumed coverage on Corebridge Financial in a research note on Wednesday, October 9th. They set a “buy” rating and a $35.00 price objective for the company. Barclays boosted their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Morgan Stanley raised their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Piper Sandler cut their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada lowered their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $34.85.

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently added to or reduced their stakes in the company. Swedbank AB purchased a new stake in shares of Corebridge Financial during the second quarter worth about $5,639,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Corebridge Financial during the 1st quarter valued at approximately $1,134,000. Russell Investments Group Ltd. lifted its holdings in Corebridge Financial by 30.1% in the 1st quarter. Russell Investments Group Ltd. now owns 697,825 shares of the company’s stock worth $19,990,000 after buying an additional 161,247 shares during the period. Forsta AP Fonden bought a new stake in shares of Corebridge Financial in the 1st quarter worth approximately $1,979,000. Finally, Diversified Trust Co purchased a new position in shares of Corebridge Financial during the second quarter valued at approximately $662,000. Institutional investors own 98.25% of the company’s stock.

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.