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

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) was the target of unusually large options trading on Wednesday. Investors purchased 5,633 call options on the stock. This represents an increase of approximately 560% compared to the typical daily volume of 854 call options.

Institutional Trading of Corebridge Financial

A number of hedge funds have recently bought and sold shares of the business. Amalgamated Bank grew its stake in Corebridge Financial by 14.1% in the 4th quarter. Amalgamated Bank now owns 15,387 shares of the company's stock valued at $461,000 after purchasing an additional 1,896 shares during the period. New York Life Investment Management LLC purchased a new position in shares of Corebridge Financial in the 4th quarter worth about $781,000. Oppenheimer & Co. Inc. grew its position in Corebridge Financial by 41.9% during the fourth quarter. Oppenheimer & Co. Inc. now owns 20,577 shares of the company's stock valued at $616,000 after buying an additional 6,077 shares during the period. US Bancorp DE increased its holdings in Corebridge Financial by 7,525.1% during the fourth quarter. US Bancorp DE now owns 21,579 shares of the company's stock worth $646,000 after buying an additional 21,296 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock worth $27,000 after buying an additional 480 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Up 1.2%

Shares of NYSE CRBG traded up $0.43 during trading on Friday, hitting $35.78. The stock had a trading volume of 2,092,831 shares, compared to its average volume of 3,274,472. The firm has a fifty day moving average of $32.48 and a two-hundred day moving average of $31.57. The company has a market capitalization of $19.67 billion, a PE ratio of 30.32, a PEG ratio of 0.58 and a beta of 1.06. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial has a 12 month low of $23.69 and a 12 month high of $36.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.01. The business had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $5.28 billion. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. During the same period in the prior year, the firm posted $1.10 EPS. As a group, equities research analysts forecast that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.68%. The ex-dividend date was Monday, June 16th. Corebridge Financial's dividend payout ratio is presently 81.36%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CRBG shares. BMO Capital Markets upped their target price on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research report on Friday, June 27th. Piper Sandler boosted their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Thursday. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday. Keefe, Bruyette & Woods lifted their price objective on shares of Corebridge Financial from $37.00 to $39.00 and gave the company an "outperform" rating in a report on Wednesday, May 7th. Finally, Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $38.64.

Corebridge Financial Company Profile

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.