Key Points
- Insider David Ditillo sold 8,736 Corebridge Financial shares at an average price of $35, generating $305,760; the transaction was conducted under a pre-arranged Rule 10b5-1 plan and reduced his holdings by 7.86%.
- Corebridge reported quarterly EPS of $1.12, exceeding the $1.08 consensus estimate, while revenue of $4.30 billion fell short of expectations. The company also declared a quarterly dividend of $0.25, equivalent to a 2.9% annualized yield.
- Analysts maintain a “Moderate Buy” consensus with an average price target of $37.42, while institutional investors own 98.25% of the stock and several major firms recently established or expanded positions.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) insider David Ditillo sold 8,736 shares of Corebridge Financial stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $35.00, for a total value of $305,760.00. Following the transaction, the insider owned 102,417 shares of the company's stock, valued at $3,584,595. This represents a 7.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
David Ditillo also recently made the following trade(s):
- On Thursday, August 6th, David Ditillo sold 12,414 shares of Corebridge Financial stock. The stock was sold at an average price of $34.00, for a total value of $422,076.00.
- On Monday, July 6th, David Ditillo sold 4,250 shares of Corebridge Financial stock. The stock was sold at an average price of $30.00, for a total value of $127,500.00.
Corebridge Financial Stock Up 0.3%
Shares of NYSE:CRBG opened at $34.78 on Tuesday. 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 $15.51 billion, a P/E ratio of 20.34, a P/E/G ratio of 0.45 and a beta of 1.08. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.17. The stock's fifty day simple moving average is $32.51 and its 200-day simple moving average is $28.59.
Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share 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 the consensus estimate of $4.66 billion. During the same quarter in the previous year, the company posted $1.36 EPS. As a group, equities research analysts forecast that Corebridge Financial, Inc. will post 4.58 earnings per share for the current fiscal year.
Corebridge Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders 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 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's payout ratio is currently 58.48%.
Analyst Upgrades and Downgrades
Several analysts have commented on the stock. UBS Group lifted their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 8th. Jefferies Financial Group increased their price target on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods raised their price target on Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 11th. Wells Fargo & Company lifted their target price on Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. Finally, Barclays increased their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $37.42.
Get Our Latest Stock Report on CRBG
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in CRBG. Pzena Investment Management LLC purchased a new stake in Corebridge Financial during the 2nd quarter worth $967,400,000. BlackRock Inc. acquired a new stake in shares of Corebridge Financial during the second quarter valued at about $726,494,000. Norges Bank acquired a new stake in shares of Corebridge Financial during the fourth quarter valued at about $611,550,000. California State Teachers Retirement System increased its position in shares of Corebridge Financial by 1,961.1% during the second quarter. California State Teachers Retirement System now owns 10,448,576 shares of the company's stock worth $299,143,000 after acquiring an additional 9,941,626 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Corebridge Financial by 43.5% in the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock worth $211,575,000 after acquiring an additional 2,689,611 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.
Corebridge Financial Company Profile
(
Get Free Report)
Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.
Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.
Corebridge was established through the separation of American International Group's life and retirement business and began operating as an independent publicly traded company in 2022.
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