Key Points
- Corebridge Financial EVP Elizabeth Cropper sold 7,745 shares at an average price of $33.06, generating approximately $256,050 and reducing her holdings by 14.28% to 46,473 shares.
- CRBG shares opened at $31.81, down 2.3%, despite the company beating quarterly EPS expectations with $1.12 versus the $1.08 consensus. Revenue of $4.30 billion fell short of the $4.66 billion estimate.
- Corebridge declared a quarterly dividend of $0.25 per share, equivalent to a 3.1% annualized yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $37.42.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) EVP Elizabeth Cropper sold 7,745 shares of the company's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total value of $256,049.70. Following the completion of the sale, the executive vice president owned 46,473 shares of the company's stock, valued at approximately $1,536,397.38. The trade was a 14.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Corebridge Financial Stock Down 2.3%
NYSE CRBG opened at $31.81 on Friday. 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. The company has a market capitalization of $14.18 billion, a P/E ratio of 18.60, a price-to-earnings-growth ratio of 0.42 and a beta of 1.08. The stock's 50-day moving average price is $31.07 and its 200-day moving average price is $28.24.
Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same period in the previous year, the company posted $1.36 EPS. On average, equities research analysts predict that Corebridge Financial, Inc. will post 4.6 earnings per share for the current year.
Corebridge Financial Announces Dividend
The company 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial's dividend payout ratio is presently 58.48%.
Institutional Trading of Corebridge Financial
Hedge funds have recently bought and sold shares of the stock. State of Michigan Retirement System purchased a new stake in shares of Corebridge Financial during the 4th quarter valued at about $2,130,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in Corebridge Financial in the fourth quarter worth about $5,358,000. Vanguard Group Inc. increased its stake in Corebridge Financial by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company's stock worth $818,906,000 after acquiring an additional 311,133 shares during the last quarter. New York State Teachers Retirement System bought a new stake in Corebridge Financial during the fourth quarter worth approximately $2,072,000. Finally, State of Wyoming purchased a new stake in Corebridge Financial during the second quarter valued at approximately $899,000. Hedge funds and other institutional investors own 98.25% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have recently commented on CRBG shares. Piper Sandler raised their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, August 12th. UBS Group increased their price target on Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 8th. Wells Fargo & Company boosted their price objective on Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a research report on Wednesday. Mizuho upped their price objective on Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a research note on Thursday, July 9th. Finally, Keefe, Bruyette & Woods increased their target price on Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Corebridge Financial currently has an average rating of "Moderate Buy" and a consensus price target of $37.42.
Read Our Latest Report on Corebridge Financial
About Corebridge Financial
(
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.
Further Reading
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