Insider Selling: Corebridge Financial (NYSE:CRBG) Major Shareholder Sells $110,032,293.00 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Argon Holdco Llc sold 3,227,700 shares of the company’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $34.09, for a total value of $110,032,293.00. Following the sale, the insider owned 44,234,423 shares of the company’s stock, valued at approximately $1,507,951,480.07. The trade was a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Corebridge Financial Price Performance

Shares of NYSE CRBG traded up $0.05 during mid-day trading on Tuesday, reaching $35.94. The company had a trading volume of 3,150,019 shares, compared to its average volume of 4,994,345. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $36.71. The firm has a market cap of $15.76 billion, a price-to-earnings ratio of 7.71, a PEG ratio of 0.53 and a beta of 1.05. The business’s 50-day simple moving average is $34.48 and its 200 day simple moving average is $30.00.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.01). The firm had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $5.36 billion. Corebridge Financial had a return on equity of 20.64% and a net margin of 11.37%. The company’s revenue for the quarter was down 20.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.96 EPS. On average, research analysts predict that Corebridge Financial, Inc. will post 4.57 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Thursday, December 17th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, December 17th. Corebridge Financial’s dividend payout ratio is 21.46%.

Analyst Ratings Changes

A number of research analysts recently issued reports on CRBG shares. TD Cowen lifted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 21st. Weiss Ratings raised Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 29th. Barclays lifted their price target on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, October 7th. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Finally, UBS Group upped their price objective on Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 6th. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.18.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP bought a new position in shares of Corebridge Financial during the second quarter worth about $99,469,000. WINTON GROUP Ltd acquired a new position in shares of Corebridge Financial in the second quarter worth approximately $1,729,000. Squarepoint Ops LLC boosted its holdings in Corebridge Financial by 112.3% in the second quarter. Squarepoint Ops LLC now owns 446,670 shares of the company’s stock valued at $12,788,000 after acquiring an additional 236,266 shares during the last quarter. Man Group plc bought a new stake in Corebridge Financial in the second quarter valued at approximately $1,089,000. Finally, Nykredit A S acquired a new stake in Corebridge Financial during the 2nd quarter valued at approximately $1,347,000. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Company Profile

Corebridge Financial is a U.S.-based provider of retirement solutions and insurance products. Its offerings include annuities and other individual retirement products, life insurance, and retirement plans and services for employers and their workers. The company also serves institutional clients with products and services such as pension risk-transfer solutions and funding agreements. Its business is organized around individual retirement, group retirement, life insurance, and institutional markets, with products distributed through financial professionals and other channels.