Key Points
- Corebridge insider David Ditillo sold 12,414 shares at an average of $34, generating $422,076 under a pre-arranged Rule 10b5-1 trading plan. He retains 111,153 shares, with the transaction reducing his position by 10.05%.
- Corebridge reported quarterly EPS of $1.12, exceeding estimates of $1.08, while revenue of $4.30 billion fell short of the $4.66 billion consensus. The company declared a $0.25 quarterly dividend, equivalent to a 3.0% yield.
- Analysts maintain a generally positive outlook, with nine Buy ratings and six Holds, producing a “Moderate Buy” consensus and an average price target of $36.75 versus the stock’s $33.65 opening price.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the sale, the insider directly owned 111,153 shares of the company's stock, valued at $3,779,202. The trade was a 10.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
David Ditillo also recently made the following trade(s):
- On Monday, July 6th, David Ditillo sold 4,250 shares of Corebridge Financial stock. The shares were sold at an average price of $30.00, for a total value of $127,500.00.
Corebridge Financial Trading Down 1.1%
Corebridge Financial stock opened at $33.65 on Friday. The business has a 50-day simple moving average of $29.91 and a two-hundred day simple moving average of $28.06. The company has a market cap of $15.00 billion, a P/E ratio of 19.68, a P/E/G ratio of 0.44 and a beta of 1.08. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.22. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14.
Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the prior year, the firm earned $1.36 EPS. Analysts predict that Corebridge Financial, Inc. will post 4.55 EPS for the current year.
Corebridge Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 3.0%. Corebridge Financial's dividend payout ratio (DPR) is presently 58.48%.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on CRBG. Jefferies Financial Group boosted their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Barclays raised their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Weiss Ratings upgraded Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Thursday. UBS Group boosted their price target on Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Finally, JPMorgan Chase & Co. reduced their price target on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating for the company in a research report on Tuesday, May 12th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $36.75.
Get Our Latest Analysis on CRBG
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the company. Bank of Nova Scotia raised its holdings in shares of Corebridge Financial by 3.8% in the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company's stock valued at $331,000 after acquiring an additional 340 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in Corebridge Financial by 2.5% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company's stock worth $494,000 after acquiring an additional 383 shares in the last quarter. Van ECK Associates Corp grew its holdings in Corebridge Financial by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 4,684 shares of the company's stock worth $141,000 after acquiring an additional 435 shares in the last quarter. Empowered Funds LLC grew its holdings in Corebridge Financial by 7.1% during the 4th quarter. Empowered Funds LLC now owns 7,042 shares of the company's stock worth $212,000 after acquiring an additional 465 shares in the last quarter. Finally, Assetmark Inc. increased its position in Corebridge Financial by 35.0% during the 4th quarter. Assetmark Inc. now owns 1,877 shares of the company's stock valued at $57,000 after purchasing an additional 487 shares during the period. Hedge funds and other institutional investors own 98.25% of the company's stock.
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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