Insider Selling: Corebridge Financial (NYSE:CRBG) Major Shareholder Sells 1,184,160 Shares of Stock

Key Points

• International Group American, a major shareholder of Corebridge Financial, sold approximately $39.8 million worth of stock, reducing their ownership by 1.41%.
• Corebridge Financial recently declared a quarterly dividend of $0.24 per share with a yield of 2.9%, despite a high dividend payout ratio of -157.38%.
• Analysts have set a consensus price target of $40.80 for Corebridge Financial, with several institutions issuing ratings from "overweight" to "hold".

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder International Group American sold 1,184,160 shares of Corebridge Financial stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $33.65, for a total value of $39,846,984.00. Following the completion of the transaction, the insider directly owned 82,711,853 shares of the company's stock, valued at approximately $2,783,253,853.45. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

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

• On Wednesday, August 6th, International Group American sold 30,000,000 shares of Corebridge Financial stock. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00.

Corebridge Financial Trading Down 0.4%

Shares of CRBG stock traded down $0.14 during mid-day trading on Friday, hitting $33.75. The company's stock had a trading volume of 233,240 shares, compared to its average volume of 3,253,872. Corebridge Financial, Inc. has a 52 week low of $23.69 and a 52 week high of $36.57. The company has a market cap of $18.17 billion, a PE ratio of -55.32, a P/E/G ratio of 0.56 and a beta of 1.06. The company's fifty day simple moving average is $34.53 and its 200-day simple moving average is $32.53. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The business had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same period in the previous year, the company posted $1.13 EPS. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's payout ratio is presently -157.38%.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets bought a new position in shares of Corebridge Financial in the fourth quarter worth $7,477,000. Cetera Investment Advisers raised its position in shares of Corebridge Financial by 40.6% in the fourth quarter. Cetera Investment Advisers now owns 20,125 shares of the company's stock worth $602,000 after buying an additional 5,814 shares in the last quarter. D. E. Shaw & Co. Inc. raised its position in shares of Corebridge Financial by 693.3% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,157,112 shares of the company's stock worth $34,632,000 after buying an additional 1,011,251 shares in the last quarter. Deutsche Bank AG grew its stake in shares of Corebridge Financial by 9.0% during the fourth quarter. Deutsche Bank AG now owns 322,363 shares of the company's stock valued at $9,648,000 after buying an additional 26,512 shares during the last quarter. Finally, Hudson Bay Capital Management LP bought a new position in shares of Corebridge Financial during the fourth quarter valued at about $11,972,000. 98.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CRBG. Wall Street Zen raised Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Barclays cut their price target on Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a research note on Friday, September 5th. Morgan Stanley lifted their price target on Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, June 27th. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Finally, UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their price target for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $40.80.

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.