Corebridge Financial (NYSE:CRBG) Major Shareholder Sells $39,846,984.00 in 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 on Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the sale, the insider owned 82,711,853 shares in the company, valued at $2,783,253,853.45. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own more than 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 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 transaction of $1,009,500,000.00.

Corebridge Financial Stock Down 1.5%

NYSE:CRBG traded down $0.52 during midday trading on Friday, hitting $33.36. 4,129,732 shares of the company were exchanged, compared to its average volume of 2,645,093. The company has a fifty day simple moving average of $34.48 and a 200 day simple moving average of $32.53. Corebridge Financial, Inc. has a fifty-two week low of $23.69 and a fifty-two week high of $36.57. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $17.96 billion, a PE ratio of -54.68, a price-to-earnings-growth ratio of 0.57 and a beta of 1.06.

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

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a $0.24 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial's payout ratio is currently -157.38%.

Analysts Set New Price Targets

A number of research firms have commented on CRBG. Morgan Stanley lifted their price objective on shares of 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 objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Wells Fargo & Company lifted their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Piper Sandler lifted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Finally, Barclays dropped their price objective on shares of Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating on the stock in a research note on Friday, September 5th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and a consensus target price of $40.80.

Institutional Trading of Corebridge Financial

A number of institutional investors have recently added to or reduced their stakes in CRBG. BNP Paribas Financial Markets purchased a new stake in Corebridge Financial during the fourth quarter worth about $7,477,000. Cetera Investment Advisers boosted its holdings in Corebridge Financial by 40.6% during 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. boosted its holdings in Corebridge Financial by 693.3% during 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 boosted its holdings in Corebridge Financial by 9.0% during the fourth quarter. Deutsche Bank AG now owns 322,363 shares of the company's stock worth $9,648,000 after buying an additional 26,512 shares in the last quarter. Finally, Hudson Bay Capital Management LP purchased a new stake in Corebridge Financial during the fourth quarter worth about $11,972,000. Hedge funds and other 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.