Corebridge Financial (NYSE:CRBG) EVP Elizabeth Cropper Sells 7,745 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) EVP Elizabeth Cropper sold 7,745 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction of $256,049.70. Following the completion of the transaction, the executive vice president owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. The trade was a 14.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Corebridge Financial Stock Performance

Shares of CRBG opened at $31.81 on Friday. The business’s fifty day simple moving average is $31.07 and its two-hundred day simple moving average is $28.24. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $35.22. The company has a market cap of $14.18 billion, a price-to-earnings ratio of 18.60, a P/E/G ratio of 0.42 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter last year, the company earned $1.36 EPS. Research analysts anticipate that Corebridge Financial, Inc. will post 4.6 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.1%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently made changes to their positions in the business. Pzena Investment Management LLC bought a new stake in Corebridge Financial during the second quarter valued at approximately $967,400,000. Vanguard Group Inc. raised its position in Corebridge Financial by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after acquiring an additional 311,133 shares during the period. BlackRock Inc. purchased a new position in shares of Corebridge Financial during the 2nd quarter worth $726,494,000. Norges Bank purchased a new position in shares of Corebridge Financial during the 4th quarter worth $611,550,000. Finally, State Street Corp boosted its stake in shares of Corebridge Financial by 44.3% during the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after acquiring an additional 3,465,371 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CRBG shares. Piper Sandler upped their target price on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, August 12th. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Mizuho increased their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $37.42.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.