Insider Selling: Corebridge Financial, Inc. (NYSE:CRBG) Major Shareholder Sells 121,956,256 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Thursday, November 7th, International Group American sold 30,000,000 shares of Corebridge Financial stock. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00.
• On Monday, September 16th, International Group American sold 5,000,000 shares of Corebridge Financial stock. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00.

Corebridge Financial Trading Down 0.1 %

Shares of CRBG opened at $30.36 on Friday. The stock has a market cap of $17.27 billion, a price-to-earnings ratio of -14.52, a price-to-earnings-growth ratio of 0.41 and a beta of 0.86. The firm has a 50 day simple moving average of $31.25 and a 200-day simple moving average of $29.51. Corebridge Financial, Inc. has a 1-year low of $20.70 and a 1-year high of $34.66. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the firm posted $1.05 earnings per share. The company’s revenue was up 39.5% compared to the same quarter last year. Equities analysts forecast that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 3.03%. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Hedge Funds Weigh In On Corebridge Financial

Large investors have recently bought and sold shares of the business. Swedbank AB acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $5,639,000. Diversified Trust Co bought a new position in Corebridge Financial during the second quarter worth about $662,000. Wedge Capital Management L L P NC acquired a new position in shares of Corebridge Financial during the 2nd quarter worth about $1,886,000. Senator Investment Group LP increased its stake in shares of Corebridge Financial by 152.2% in the 2nd quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock valued at $33,779,000 after acquiring an additional 700,000 shares during the last quarter. Finally, Qsemble Capital Management LP acquired a new stake in shares of Corebridge Financial in the 3rd quarter valued at approximately $2,370,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. TD Cowen upped their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Piper Sandler decreased their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Barclays boosted their price target on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Morgan Stanley increased their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Corebridge Financial Company Profile

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.