Corebridge Financial, Inc. (NYSE:CRBG) Major Shareholder International Group American Sells 1,932,609 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 1,932,609 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the transaction, the insider now directly owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The sale was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own at least 10% 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 Monday, June 3rd, International Group American sold 30,000,000 shares of Corebridge Financial stock. The stock was sold at an average price of $29.20, for a total transaction of $876,000,000.00.

Corebridge Financial Stock Up 1.6 %

CRBG stock opened at $29.59 on Wednesday. The firm’s 50-day moving average is $29.29 and its two-hundred day moving average is $26.45. The company has a market capitalization of $18.00 billion, a price-to-earnings ratio of 7.79, a price-to-earnings-growth ratio of 0.32 and a beta of 0.97. Corebridge Financial, Inc. has a 52 week low of $17.40 and a 52 week high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Friday, May 3rd. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.05 by $0.05. The firm had revenue of $5.85 billion for the quarter, compared to analysts’ expectations of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same quarter in the previous year, the company earned $0.97 earnings per share. On average, analysts forecast that Corebridge Financial, Inc. will post 4.95 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.23 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.92 annualized dividend and a dividend yield of 3.11%. Corebridge Financial’s dividend payout ratio (DPR) is 24.21%.

Wall Street Analyst Weigh In

Several analysts have issued reports on CRBG shares. Wells Fargo & Company upped their price objective on Corebridge Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, May 10th. Evercore ISI upped their price target on Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Royal Bank of Canada restated an “outperform” rating and set a $33.00 price objective on shares of Corebridge Financial in a research note on Friday, June 28th. Piper Sandler boosted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, May 6th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $31.42.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Factory Mutual Insurance Co. boosted its position in shares of Corebridge Financial by 47.1% during the 4th quarter. Factory Mutual Insurance Co. now owns 1,028,200 shares of the company’s stock valued at $22,271,000 after purchasing an additional 329,200 shares in the last quarter. Junto Capital Management LP acquired a new position in Corebridge Financial in the fourth quarter worth approximately $26,232,000. Pzena Investment Management LLC grew its position in Corebridge Financial by 793.0% in the fourth quarter. Pzena Investment Management LLC now owns 1,590,098 shares of the company’s stock worth $34,442,000 after buying an additional 1,412,040 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Corebridge Financial by 10.1% in the third quarter. Vanguard Group Inc. now owns 17,064,429 shares of the company’s stock valued at $337,022,000 after buying an additional 1,566,275 shares in the last quarter. Finally, Seven Grand Managers LLC acquired a new stake in shares of Corebridge Financial during the 4th quarter valued at $4,332,000. 98.25% of the stock is owned by institutional investors and hedge funds.

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.