International Group American Sells 5,000,000 Shares of Corebridge Financial, Inc. (NYSE:CRBG) Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares of the company’s stock, valued at $8,058,834,596.28. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 shares were 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 Up 3.6 %

Shares of NYSE:CRBG opened at $27.98 on Friday. The company has a market capitalization of $17.02 billion, a PE ratio of 7.36, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. Corebridge Financial, Inc. has a 1 year low of $18.83 and a 1 year high of $34.66. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The business has a fifty day moving average price of $28.07 and a two-hundred day moving average price of $28.22.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The business had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the prior year, the business earned $1.04 earnings per share. Analysts forecast that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 annualized dividend and a dividend yield of 3.29%. Corebridge Financial’s payout ratio is 24.21%.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ghisallo Capital Management LLC increased its stake in shares of Corebridge Financial by 50.0% in the second quarter. Ghisallo Capital Management LLC now owns 1,500,000 shares of the company’s stock worth $43,680,000 after purchasing an additional 500,000 shares in the last quarter. Senator Investment Group LP boosted its holdings in Corebridge Financial by 152.2% in the 2nd quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock worth $33,779,000 after buying an additional 700,000 shares during the period. Mackenzie Financial Corp grew its stake in Corebridge Financial by 850.1% in the 2nd quarter. Mackenzie Financial Corp now owns 577,005 shares of the company’s stock valued at $16,802,000 after buying an additional 516,271 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Corebridge Financial by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after acquiring an additional 585 shares during the period. Finally, Dark Forest Capital Management LP lifted its position in shares of Corebridge Financial by 37.0% during the second quarter. Dark Forest Capital Management LP now owns 49,799 shares of the company’s stock worth $1,450,000 after acquiring an additional 13,438 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on CRBG shares. UBS Group boosted their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Morgan Stanley cut their price target on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Bank of America lowered their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. JPMorgan Chase & Co. raised their target price on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Finally, Royal Bank of Canada decreased their price target 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 given a buy rating to the company. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.62.

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.