Key Points
- Insider sale: Corebridge Financial insider David Ditillo sold 4,250 shares at $30.00 each, totaling $127,500, in a pre-arranged Rule 10b5-1 transaction. After the sale, he still held 128,153 shares valued at about $3.84 million.
- Recent performance and earnings: The stock was down about 0.6% and last traded around $30.63. In its latest quarterly report, Corebridge missed EPS and revenue expectations, posting $1.05 EPS on $4.08 billion in revenue.
- Dividend and analyst view: Corebridge paid a quarterly dividend of $0.25 per share, or $1.00 annually, for a yield of about 3.3%. Analysts currently rate the stock a consensus Moderate Buy with a target price of $34.64.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) insider David Ditillo sold 4,250 shares of the firm's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the sale, the insider owned 128,153 shares in the company, valued at approximately $3,844,590. This trade represents a 3.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Corebridge Financial Stock Down 0.6%
Shares of NYSE:CRBG opened at $30.63 on Wednesday. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $36.57. The firm has a fifty day moving average of $27.88 and a 200 day moving average of $27.87. The firm has a market capitalization of $13.65 billion, a PE ratio of 55.69, a price-to-earnings-growth ratio of 0.34 and a beta of 1.10. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12.
Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.08 billion during the quarter, compared to analysts' expectations of $5.06 billion. During the same period last year, the company posted $1.16 EPS. As a group, research analysts anticipate that Corebridge Financial, Inc. will post 4.75 EPS for the current fiscal year.
Corebridge Financial Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.3%. Corebridge Financial's dividend payout ratio (DPR) is presently 181.82%.
Hedge Funds Weigh In On Corebridge Financial
Several institutional investors and hedge funds have recently modified their holdings of the stock. Community Bank N.A. purchased a new stake in Corebridge Financial during the 3rd quarter valued at $26,000. Salomon & Ludwin LLC lifted its holdings in shares of Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock valued at $26,000 after purchasing an additional 532 shares in the last quarter. Rothschild Investment LLC boosted its position in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after buying an additional 520 shares during the last quarter. Sonoma Allocations LLC purchased a new stake in shares of Corebridge Financial during the first quarter valued at $30,000. Finally, True Wealth Design LLC increased its holdings in Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company's stock worth $37,000 after buying an additional 412 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on CRBG. UBS Group reduced their price objective on shares of Corebridge Financial from $33.00 to $29.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 28th. Mizuho raised their target price on shares of Corebridge Financial from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. reduced their price target on shares of Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $31.00 to $38.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 6th. Finally, Zacks Research upgraded shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.64.
Check Out Our Latest Report on CRBG
Corebridge Financial Company Profile
(
Get Free Report)
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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