Stock Traders Purchase High Volume of Corebridge Financial Put Options (NYSE:CRBG)

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) saw some unusual options trading on Tuesday. Stock investors bought 12,894 put options on the company. This is an increase of 253% compared to the average volume of 3,655 put options.

Institutional Trading of Corebridge Financial

Institutional investors have recently added to or reduced their stakes in the company. Riverview Trust Co bought a new stake in Corebridge Financial in the 1st quarter valued at $25,000. EverSource Wealth Advisors LLC bought a new stake in Corebridge Financial in the 3rd quarter valued at $28,000. Vestor Capital LLC bought a new stake in Corebridge Financial in the 4th quarter valued at $43,000. Cullen Frost Bankers Inc. bought a new stake in Corebridge Financial in the 3rd quarter valued at $55,000. Finally, Headlands Technologies LLC bought a new stake in Corebridge Financial in the 4th quarter valued at $65,000. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CRBG. The Goldman Sachs Group lifted their target price on Corebridge Financial from $27.00 to $31.00 and gave the stock a "buy" rating in a report on Tuesday, January 9th. UBS Group lifted their price target on Corebridge Financial from $22.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, January 10th. Royal Bank of Canada restated an "outperform" rating and issued a $32.00 target price on shares of Corebridge Financial in a report on Friday, April 12th. Keefe, Bruyette & Woods boosted their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an "outperform" rating in a report on Wednesday, April 10th. Finally, Morgan Stanley boosted their target price on Corebridge Financial from $26.00 to $28.00 and gave the stock an "equal weight" rating in a report on Monday, April 15th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $29.17.

Corebridge Financial Stock Up 2.8 %

Corebridge Financial stock traded up $0.82 during midday trading on Tuesday, reaching $30.04. The stock had a trading volume of 3,428,011 shares, compared to its average volume of 4,270,204. The firm's fifty day simple moving average is $26.71 and its 200-day simple moving average is $23.77. Corebridge Financial has a 1-year low of $16.13 and a 1-year high of $30.04. The stock has a market capitalization of $18.70 billion, a P/E ratio of 7.90, a price-to-earnings-growth ratio of 0.33 and a beta of 0.96. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.05. The firm had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.50 billion. Corebridge Financial had a return on equity of 24.31% and a net margin of 11.25%. During the same period last year, the company earned $0.97 earnings per share. As a group, analysts expect that Corebridge Financial will post 4.82 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.23 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.92 annualized dividend and a yield of 3.06%. Corebridge Financial's dividend payout ratio (DPR) is presently 24.21%.

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.