Corebridge Financial (NYSE:CRBG) Sees Large Volume Increase - Time to Buy?

Key Points

• Corebridge Financial experienced a significant trading volume increase of 92%, with approximately 5.94 million shares traded on Thursday compared to 3.1 million the previous session, as the stock price adjusted to $33.57 from a closing price of $34.23.
• Multiple analysts have recently upgraded their ratings and target prices for Corebridge Financial, with Wells Fargo raising their target from $37.00 to $42.00, indicating strong investor confidence.
• Corebridge Financial announced a quarterly dividend of $0.24, which will be paid on September 30th, reflecting an annualized yield of 2.9% and a payout ratio of 81.36%.

Shares of Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) saw strong trading volume on Thursday . 5,945,168 shares changed hands during trading, an increase of 92% from the previous session's volume of 3,103,996 shares.The stock last traded at $33.57 and had previously closed at $34.23.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Barclays boosted their price target on shares of Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Morgan Stanley boosted their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Piper Sandler boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Finally, UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their price objective for the company from $28.00 to $37.00 in a research report on Friday, July 11th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $40.70.

Corebridge Financial Trading Up 0.3%

The stock's 50 day moving average price is $34.17 and its 200-day moving average price is $32.35. The company has a quick ratio of 0.14, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $17.94 billion, a PE ratio of -54.61, a PEG ratio of 0.54 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. The firm had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same period in the prior year, the company posted $1.13 earnings per share. On average, sell-side analysts expect that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

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. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is presently -157.38%.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the sale, the insider owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by insiders.

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently modified their holdings of the business. Pzena Investment Management LLC grew its position in Corebridge Financial by 132.6% during the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company's stock worth $664,691,000 after purchasing an additional 10,673,099 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Corebridge Financial by 31.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company's stock worth $986,539,000 after purchasing an additional 7,828,929 shares during the last quarter. Nuveen LLC purchased a new stake in Corebridge Financial during the 1st quarter worth approximately $100,404,000. LSV Asset Management purchased a new stake in Corebridge Financial during the 4th quarter worth approximately $85,786,000. Finally, AQR Capital Management LLC grew its position in Corebridge Financial by 50.0% during the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock worth $258,880,000 after purchasing an additional 2,780,764 shares during the last quarter. 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.