Insider Selling: Corebridge Financial (NYSE:CRBG) Insider Sells 4,250 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) insider David Ditillo sold 4,250 shares of Corebridge Financial stock in a transaction dated 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 represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Corebridge Financial Price Performance

Corebridge Financial stock traded down $0.18 during trading hours on Tuesday, hitting $30.63. 3,911,113 shares of the company traded hands, compared to its average volume of 5,288,239. The firm has a market cap of $13.65 billion, a P/E ratio of 55.69, a P/E/G ratio of 0.33 and a beta of 1.10. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The firm’s 50-day simple moving average is $27.71 and its two-hundred day simple moving average is $27.87. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.57.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The company had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same period in the prior year, the company posted $1.16 earnings per share. As a group, analysts forecast that Corebridge Financial, Inc. will post 4.75 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is 181.82%.

Institutional Trading of Corebridge Financial

Hedge funds have recently bought and sold shares of the company. Community Bank N.A. acquired a new position in shares of Corebridge Financial in the third quarter worth about $26,000. Salomon & Ludwin LLC raised 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 acquiring an additional 532 shares during the period. Rothschild Investment LLC raised its holdings 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 acquiring an additional 520 shares during the period. True Wealth Design LLC lifted its position in shares of Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after acquiring an additional 412 shares in the last quarter. Finally, Sonoma Allocations LLC acquired a new position in Corebridge Financial in the 1st quarter worth approximately $30,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Mizuho increased their price target on Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. UBS Group cut their price objective on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday, April 28th. Weiss Ratings cut Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Bank of America lowered their target price on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Finally, Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $34.64.

Corebridge Financial Company Profile

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.