Insider Selling: Corebridge Financial, Inc. (NYSE:CRBG) Major Shareholder Sells $144,300,000.00 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 5,000,000 shares of the firm’s 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own 10% or more of a company’s shares 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 stock was 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 Stock Performance

NYSE:CRBG opened at $27.88 on Friday. The firm’s fifty day simple moving average is $28.04 and its 200 day simple moving average is $28.25. 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 twelve month low of $18.83 and a twelve month high of $34.66. The firm has a market capitalization of $16.96 billion, a price-to-earnings ratio of 7.34, a PEG ratio of 0.35 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last issued 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. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The company had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the previous year, the firm posted $1.04 earnings per share. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 4.74 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s dividend payout ratio is presently 24.21%.

Institutional Trading of Corebridge Financial

Several large investors have recently bought and sold shares of CRBG. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Corebridge Financial by 718.4% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 37,525 shares of the company’s stock valued at $1,093,000 after purchasing an additional 32,940 shares during the period. Ghisallo Capital Management LLC boosted its position in Corebridge Financial by 50.0% in the 2nd quarter. Ghisallo Capital Management LLC now owns 1,500,000 shares of the company’s stock valued at $43,680,000 after buying an additional 500,000 shares during the last quarter. Senator Investment Group LP grew its stake in shares of Corebridge Financial by 152.2% during the second 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 in the last quarter. Mackenzie Financial Corp grew its stake in shares of Corebridge Financial by 850.1% during the second quarter. Mackenzie Financial Corp now owns 577,005 shares of the company’s stock valued at $16,802,000 after acquiring an additional 516,271 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Corebridge Financial by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after acquiring an additional 585 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. increased their target price on Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. Barclays initiated 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 research report on Friday, June 28th. UBS Group lifted their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Finally, Royal Bank of Canada dropped their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $33.62.

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.