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 company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares in the company, valued at $8,058,834,596.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases 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 transaction of $200,000,012.10.
• On Tuesday, July 2nd, International Group American sold 1,932,609 shares of Corebridge Financial stock. The shares were sold at an average price of $29.20, for a total value of $56,432,182.80.

Corebridge Financial Stock Performance

CRBG opened at $27.88 on Friday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. The business’s 50 day moving average is $28.04 and its 200-day moving average is $28.25. The stock has a market cap of $16.96 billion, a PE ratio of 7.34, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. Corebridge Financial, Inc. has a twelve month low of $18.83 and a twelve month high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share 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 firm had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the previous year, the business earned $1.04 EPS. On average, analysts predict that Corebridge Financial, Inc. will post 4.74 earnings per share for the current year.

Corebridge Financial Dividend Announcement

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

Hedge Funds Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Research Global Investors lifted its stake in shares of Corebridge Financial by 9.9% in the 1st quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock worth $972,257,000 after acquiring an additional 3,059,354 shares during the period. Vanguard Group Inc. increased its stake in shares of Corebridge Financial by 6.0% during the first quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock valued at $721,938,000 after acquiring an additional 1,415,265 shares during the period. Norges Bank bought a new stake in Corebridge Financial during the fourth quarter worth approximately $225,561,000. Massachusetts Financial Services Co. MA lifted its position in Corebridge Financial by 2.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 10,199,075 shares of the company’s stock worth $296,997,000 after purchasing an additional 227,973 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC boosted its stake in Corebridge Financial by 106.3% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after purchasing an additional 5,157,570 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

CRBG has been the subject of a number of research analyst reports. Royal Bank of Canada lowered 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. Jefferies Financial Group increased their target price on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. UBS Group raised their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Bank of America dropped their price objective on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Finally, JPMorgan Chase & Co. lifted their target price on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, July 2nd. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price 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.