Corebridge Financial, Inc. (NYSE:CRBG) Shareholders to Get $0.25 Quarterly Dividend

Key Points

• Corebridge Financial declared a quarterly dividend of $0.25 per share, payable December 31 to shareholders of record December 17. The annualized dividend is $1.00 per share, representing a 2.8% yield and a 17.4% payout ratio.
• Shares rose 2.7% to $35.99, near the company’s 12-month high. Corebridge’s latest quarterly earnings were $1.22 per share, slightly below estimates, while revenue fell 20% year over year to $4.50 billion.
• Insiders and institutional investors showed continued interest in the stock: insiders acquired nearly 10 million shares over the past 90 days, and institutional investors own 98.25% of outstanding shares.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) declared a quarterly dividend on Monday, November 2nd. Shareholders of record on Thursday, December 17th will be given a dividend of $0.25 per share on Thursday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Thursday, December 17th.

Corebridge Financial has a payout ratio of 17.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Corebridge Financial to earn $5.74 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 17.4%.

Corebridge Financial Stock Up 2.7%

Shares of NYSE CRBG traded up $0.95 during trading on Tuesday, hitting $35.99. The stock had a trading volume of 4,427,938 shares, compared to its average volume of 4,977,058. The firm has a fifty day moving average of $34.19 and a two-hundred day moving average of $29.87. The company has a market capitalization of $16.05 billion, a PE ratio of 21.07, a PEG ratio of 0.50 and a beta of 1.07. 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 has a 12 month low of $22.19 and a 12 month high of $36.56.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Monday, November 2nd. The company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.01). Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. The firm had revenue of $4.50 billion for the quarter, compared to analysts' expectations of $5.36 billion. During the same quarter last year, the firm posted $0.96 earnings per share. The firm's revenue for the quarter was down 20.0% compared to the same quarter last year. As a group, equities research analysts forecast that Corebridge Financial will post 4.59 EPS for the current fiscal year.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder Life Insurance Co Nippon acquired 805,782 shares of the stock in a transaction that occurred on Monday, September 28th. The shares were acquired at an average cost of $34.15 per share, for a total transaction of $27,517,455.30. Following the purchase, the insider owned 125,579,654 shares of the company's stock, valued at approximately $4,288,545,184.10. The trade was a 0.65% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders acquired 9,955,418 shares of company stock worth $342,360,191 and sold 28,895 shares worth $983,886. Insiders own 0.32% of the company's stock.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. ProShare Advisors LLC lifted its stake in Corebridge Financial by 4.7% during the third quarter. ProShare Advisors LLC now owns 9,994 shares of the company's stock worth $331,000 after purchasing an additional 445 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Corebridge Financial by 59.8% during the 3rd quarter. Parallel Advisors LLC now owns 1,192 shares of the company's stock valued at $39,000 after purchasing an additional 446 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in shares of Corebridge Financial by 0.6% during the 3rd quarter. Pictet Asset Management Holding SA now owns 100,478 shares of the company's stock valued at $3,328,000 after buying an additional 580 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Corebridge Financial by 11.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company's stock valued at $185,000 after buying an additional 590 shares in the last quarter. Finally, Allworth Financial LP lifted its position in Corebridge Financial by 100.6% in the 2nd quarter. Allworth Financial LP now owns 1,444 shares of the company's stock worth $41,000 after buying an additional 724 shares during the last quarter. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Company Profile

Corebridge Financial, Inc NYSE: CRBG is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group's (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.

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