Corebridge Financial, Inc. (NYSE:CRBG) Major Shareholder Sells $56,432,182.80 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 1,932,609 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the transaction, the insider now directly owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

International Group American also recently made the following trade(s):

• On Monday, June 3rd, International Group American sold 30,000,000 shares of Corebridge Financial stock. The stock was sold at an average price of $29.20, for a total value of $876,000,000.00.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $29.35 on Thursday. Corebridge Financial, Inc. has a 12-month low of $17.40 and a 12-month high of $34.66. The business’s fifty day simple moving average is $29.34 and its 200-day simple moving average is $26.47. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. The company has a market cap of $17.86 billion, a PE ratio of 7.72, a PEG ratio of 0.32 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.05. The company had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same period in the prior year, the company posted $0.97 EPS. Analysts expect that Corebridge Financial, Inc. will post 4.9 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.13%. The ex-dividend date was Friday, June 14th. Corebridge Financial’s payout ratio is currently 24.21%.

Institutional Trading of Corebridge Financial

Large investors have recently bought and sold shares of the stock. American International Group Inc. lifted its stake in shares of Corebridge Financial by 25,998,738.6% during the fourth quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock worth $7,022,291,000 after buying an additional 324,204,270 shares during the period. Capital Research Global Investors raised its stake in Corebridge Financial by 9.9% in the 1st quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock worth $972,257,000 after acquiring an additional 3,059,354 shares during the last quarter. Vanguard Group Inc. lifted its position in Corebridge Financial by 6.0% during the 1st quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock worth $721,938,000 after acquiring an additional 1,415,265 shares during the period. Norges Bank purchased a new stake in Corebridge Financial during the 4th quarter valued at about $225,561,000. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Corebridge Financial by 106.3% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after purchasing an additional 5,157,570 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CRBG. Royal Bank of Canada reiterated an “outperform” rating and issued a $33.00 target price on shares of Corebridge Financial in a report on Friday, June 28th. JPMorgan Chase & Co. increased their target price on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday. Evercore ISI boosted their price target on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. Morgan Stanley increased their price objective on shares of Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Finally, Jefferies Financial Group boosted their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $31.42.

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.