International Group American Sells 5,000,000 Shares of Corebridge Financial, Inc. (NYSE:CRBG) Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 5,000,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the sale, the insider now owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

International Group American also recently made the following trade(s):

• On Wednesday, August 7th, International Group American sold 8,032,129 shares of Corebridge Financial stock. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10.
• On Tuesday, July 2nd, International Group American sold 1,932,609 shares of Corebridge Financial stock. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80.

Corebridge Financial Trading Up 3.6 %

NYSE CRBG opened at $27.98 on Friday. The firm has a market capitalization of $17.02 billion, a PE ratio of 7.36, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. The business’s 50-day moving average price is $28.07 and its two-hundred day moving average price is $28.22. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. Corebridge Financial, Inc. has a 12 month low of $18.83 and a 12 month high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period in the previous year, the firm earned $1.04 earnings per share. On average, analysts expect that Corebridge Financial, Inc. will post 4.74 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CRBG shares. JPMorgan Chase & Co. lifted their target price on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. UBS Group upped their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Barclays started coverage on shares of Corebridge Financial in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $33.00 target price on the stock. Jefferies Financial Group upped their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Finally, Bank of America reduced their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $33.62.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently bought and sold shares of CRBG. Norges Bank bought a new position in shares of Corebridge Financial in the 4th quarter worth about $225,561,000. Vanguard Group Inc. lifted its stake in Corebridge Financial by 39.0% in the fourth quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock valued at $513,626,000 after buying an additional 6,648,673 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Corebridge Financial by 106.3% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock worth $216,831,000 after buying an additional 5,157,570 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Corebridge Financial during the 4th quarter worth approximately $105,728,000. Finally, Canada Pension Plan Investment Board increased its stake in shares of Corebridge Financial by 249.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after acquiring an additional 4,507,322 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.