Corebridge Financial Target of Unusually Large Options Trading (NYSE:CRBG)

Corebridge Financial, Inc. (NYSE:CRBG) saw unusually large options trading on Monday. Stock investors bought 14,692 call options on the stock. This is an increase of approximately 532% compared to the typical volume of 2,324 call options.

Corebridge Financial Price Performance

Shares of CRBG stock traded up $0.02 during mid-day trading on Monday, hitting $34.70. The company had a trading volume of 717,155 shares, compared to its average volume of 3,035,363. The company has a market capitalization of $19.29 billion, a P/E ratio of 9.18, a P/E/G ratio of 0.43 and a beta of 0.94. The stock’s 50 day moving average price is $32.06 and its 200-day moving average price is $30.70. Corebridge Financial has a 52-week low of $23.77 and a 52-week high of $35.36. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. Equities research analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.77%. The ex-dividend date is Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio (DPR) is currently 25.40%.

Wall Street Analyst Weigh In

CRBG has been the topic of several analyst reports. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. BMO Capital Markets started coverage on Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 target price on the stock. Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a research report on Monday, January 6th. Wells Fargo & Company lifted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Finally, Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $35.00 to $43.00 in a report on Friday. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $37.29.

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction that occurred on 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 owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.08% of the stock is currently owned by corporate insiders.

Institutional Trading of Corebridge Financial

Several hedge funds have recently modified their holdings of CRBG. Forum Financial Management LP increased its position in Corebridge Financial by 60.2% in the fourth quarter. Forum Financial Management LP now owns 15,730 shares of the company’s stock worth $471,000 after purchasing an additional 5,912 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in shares of Corebridge Financial in the 4th quarter worth about $30,000. CSS LLC IL raised its position in shares of Corebridge Financial by 22.2% during the 4th quarter. CSS LLC IL now owns 21,391 shares of the company’s stock valued at $640,000 after buying an additional 3,891 shares in the last quarter. PharVision Advisers LLC bought a new position in shares of Corebridge Financial in the 4th quarter valued at about $268,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Corebridge Financial by 0.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,659,829 shares of the company’s stock worth $49,679,000 after acquiring an additional 4,666 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.