David Ditillo Sells 12,414 Shares of Corebridge Financial (NYSE:CRBG) Stock

Key Points

• Insider sale: David Ditillo sold 12,414 Corebridge Financial shares for approximately $422,076 under a pre-arranged Rule 10b5-1 plan, reducing his ownership by 10.05% to 111,153 shares.
• Financial performance: Corebridge reported quarterly earnings of $1.12 per share, exceeding analyst expectations of $1.08, although revenue of $4.30 billion fell short of the $4.66 billion consensus estimate.
• Stock outlook and dividend: CRBG recently traded near $33.65 and pays a quarterly dividend of $0.25, representing a 3.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $36.75.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) insider David Ditillo sold 12,414 shares of the company's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider owned 111,153 shares of the company's stock, valued at $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

David Ditillo also recently made the following trade(s):

• On Monday, July 6th, David Ditillo sold 4,250 shares of Corebridge Financial stock. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00.

Corebridge Financial Price Performance

Shares of CRBG stock traded down $0.36 during mid-day trading on Friday, reaching $33.65. The company's stock had a trading volume of 3,895,977 shares, compared to its average volume of 5,131,668. The firm's 50-day moving average is $29.78 and its two-hundred day moving average is $28.02. The company has a market cap of $15.00 billion, a P/E ratio of 19.68, a PEG ratio of 0.42 and a beta of 1.08. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $35.22. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $1.12 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The business had revenue of $4.30 billion for the quarter, compared to analysts' expectations of $4.66 billion. During the same quarter in the previous year, the firm posted $1.36 earnings per share. On average, research analysts predict that Corebridge Financial, Inc. will post 4.55 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid 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 3.0%. Corebridge Financial's payout ratio is currently 58.48%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CRBG shares. Piper Sandler increased their target price on shares of Corebridge Financial from $31.00 to $36.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. UBS Group upped their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 8th. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. JPMorgan Chase & Co. cut their target price on shares of Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating for the company in a research note on Tuesday, May 12th. Finally, Mizuho boosted their target price on Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $36.75.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRBG. Vanguard Group Inc. increased its stake in shares of Corebridge Financial by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company's stock valued at $818,906,000 after buying an additional 311,133 shares during the period. Pzena Investment Management LLC lifted its stake in shares of Corebridge Financial by 14.4% during the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company's stock valued at $645,313,000 after acquiring an additional 3,413,384 shares during the period. BlackRock Inc. bought a new position in Corebridge Financial in the second quarter valued at about $726,494,000. Norges Bank bought a new position in Corebridge Financial in the fourth quarter valued at about $611,550,000. Finally, State Street Corp increased its position in Corebridge Financial by 44.3% in the fourth quarter. State Street Corp now owns 11,295,692 shares of the company's stock worth $340,791,000 after purchasing an additional 3,465,371 shares during the period. Institutional investors and hedge funds own 98.25% of the company's stock.

Corebridge Financial Company Profile

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.

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