Key Points
- Major shareholder Argon Holdco sold 3,227,700 shares for about $110 million at an average price of $34.09, reducing its stake by 6.8% to approximately 44.2 million shares.
- Corebridge reported quarterly EPS of $1.22, slightly below the $1.23 consensus, while revenue of $4.50 billion missed expectations and fell 20% year over year.
- Analysts rate the stock a “Moderate Buy,” with a consensus price target of $39.18. The company also announced a quarterly dividend of $0.25 per share, equivalent to a 2.8% annualized yield.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Argon Holdco Llc sold 3,227,700 shares of the firm's stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $34.09, for a total value of $110,032,293.00. Following the completion of the transaction, the insider owned 44,234,423 shares of the company's stock, valued at approximately $1,507,951,480.07. The trade was a 6.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Corebridge Financial Trading Up 0.1%
Corebridge Financial stock opened at $35.94 on Wednesday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 1.67. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.71. The company has a market capitalization of $15.76 billion, a price-to-earnings ratio of 7.71, a price-to-earnings-growth ratio of 0.52 and a beta of 1.05. The stock has a 50-day moving average price of $34.55 and a 200 day moving average price of $30.02.
Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Tuesday, November 3rd. The company reported $1.22 EPS for the quarter, missing analysts' consensus estimates of $1.23 by ($0.01). Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. The firm had revenue of $4.50 billion during the quarter, compared to analysts' expectations of $5.36 billion. During the same quarter in the prior year, the company earned $0.96 EPS. Corebridge Financial's quarterly revenue was down 20.0% on a year-over-year basis. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.57 EPS for the current year.
Corebridge Financial Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.8%. The ex-dividend date is Thursday, December 17th. Corebridge Financial's payout ratio is presently 21.46%.
Institutional Trading of Corebridge Financial
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $99,469,000. WINTON GROUP Ltd purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at approximately $1,729,000. Squarepoint Ops LLC lifted its stake in shares of Corebridge Financial by 112.3% in the 2nd quarter. Squarepoint Ops LLC now owns 446,670 shares of the company's stock valued at $12,788,000 after purchasing an additional 236,266 shares during the period. Man Group plc acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $1,089,000. Finally, Nykredit A S acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $1,347,000. 98.25% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms have recently commented on CRBG. UBS Group upped their price objective on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a "neutral" rating in a report on Tuesday, October 6th. Weiss Ratings raised shares of Corebridge Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 29th. TD Cowen raised their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, October 21st. Barclays boosted their target price on shares of Corebridge Financial from $33.00 to $39.00 and gave the company an "overweight" rating in a research report on Wednesday, October 7th. Finally, Piper Sandler upped their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Monday, October 12th. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $39.18.
Read Our Latest Stock Analysis on CRBG
Corebridge Financial Company Profile
(
Get Free Report)
Corebridge Financial is a U.S.-based provider of retirement solutions and insurance products. Its offerings include annuities and other individual retirement products, life insurance, and retirement plans and services for employers and their workers. The company also serves institutional clients with products and services such as pension risk-transfer solutions and funding agreements. Its business is organized around individual retirement, group retirement, life insurance, and institutional markets, with products distributed through financial professionals and other channels.
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