Corebridge Financial (NYSE:CRBG) EVP Elizabeth Cropper Sells 7,745 Shares

Key Points

• Insider sale: EVP Elizabeth Cropper sold 7,745 Corebridge Financial shares for approximately $256,050, reducing her position by 14.28% to 46,473 shares.
• Financial performance and dividend: Corebridge reported quarterly EPS of $1.12, exceeding estimates by $0.04, while revenue of $4.30 billion fell short of forecasts. The company declared a quarterly dividend of $0.25, representing a 3.1% yield.
• Analyst outlook: Shares recently declined 2.3% to $31.81, but analysts maintain a “Moderate Buy” consensus with an average price target of $37.42; 98.25% of the stock is held by institutions and hedge funds.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) EVP Elizabeth Cropper sold 7,745 shares of Corebridge Financial stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total value of $256,049.70. Following the completion of the transaction, the executive vice president owned 46,473 shares of the company's stock, valued at $1,536,397.38. The trade was a 14.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Corebridge Financial Stock Down 2.3%

Shares of NYSE CRBG traded down $0.76 during midday trading on Thursday, hitting $31.81. 3,199,866 shares of the company's stock were exchanged, compared to its average volume of 4,972,496. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $35.22. The firm's fifty day simple moving average is $31.07 and its 200-day simple moving average is $28.24. The company has a market cap of $14.18 billion, a PE ratio of 7.49, a P/E/G ratio of 0.42 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The company had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the company posted $1.36 earnings per share. Research analysts predict that Corebridge Financial, Inc. will post 4.6 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 3.1%. Corebridge Financial's dividend payout ratio is 58.48%.

Institutional Trading of Corebridge Financial

Large investors have recently added to or reduced their stakes in the company. Salomon & Ludwin LLC increased its position in Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock worth $26,000 after buying an additional 532 shares during the last quarter. Rothschild Investment LLC lifted its holdings in Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company's stock worth $27,000 after purchasing an additional 520 shares during the last quarter. Bell Investment Advisors Inc bought a new stake in Corebridge Financial during the second quarter worth approximately $27,000. Sonoma Allocations LLC bought a new position in shares of Corebridge Financial in the first quarter valued at approximately $30,000. Finally, Allworth Financial LP acquired a new position in Corebridge Financial in the 2nd quarter valued at $41,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of recent analyst reports. Jefferies Financial Group increased their price target on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Weiss Ratings upgraded Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Barclays raised their target price on Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. TD Cowen increased their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $37.42.

About Corebridge Financial

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source