Corebridge Financial (NYSE:CRBG) Stock: Insider Argon Holdco Llc Sells 3,227,700 Shares

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

Corebridge Financial Stock Up 0.1%

Shares of CRBG stock traded up $0.05 during trading hours 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. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $36.71. The company has a market cap of $15.76 billion, a price-to-earnings ratio of 7.71, a price-to-earnings-growth ratio of 0.53 and a beta of 1.05. The business has a fifty day simple moving average of $34.48 and a 200-day simple moving average of $30.00. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.12 and a quick ratio of 0.12.

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). Corebridge Financial had a return on equity of 20.64% and a net margin of 11.37%. The business had revenue of $4.50 billion during the quarter, compared to analysts’ expectations of $5.36 billion. During the same period in the prior year, the firm posted $0.96 EPS. The firm’s revenue for the quarter was down 20.0% on a year-over-year basis. On average, research analysts expect that Corebridge Financial, Inc. will post 4.57 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Hedge Funds Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. ProShare Advisors LLC raised its position in Corebridge Financial by 4.7% during the third quarter. ProShare Advisors LLC now owns 9,994 shares of the company’s stock worth $331,000 after acquiring an additional 445 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Corebridge Financial by 59.8% in the third quarter. Parallel Advisors LLC now owns 1,192 shares of the company’s stock valued at $39,000 after purchasing an additional 446 shares during the last quarter. Voya Investment Management LLC boosted its stake in Corebridge Financial by 2.5% in the 3rd quarter. Voya Investment Management LLC now owns 21,175 shares of the company’s stock valued at $701,000 after purchasing an additional 508 shares during the period. Bessemer Group Inc. boosted its stake in Corebridge Financial by 0.4% in the 3rd quarter. Bessemer Group Inc. now owns 129,826 shares of the company’s stock valued at $4,300,000 after purchasing an additional 547 shares during the period. Finally, Pictet Asset Management Holding SA grew its holdings in Corebridge Financial by 0.6% in the 3rd quarter. Pictet Asset Management Holding SA now owns 100,478 shares of the company’s stock valued at $3,328,000 after buying an additional 580 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

CRBG has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 29th. Wells Fargo & Company increased their price objective on Corebridge Financial from $39.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday, October 12th. TD Cowen lifted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 21st. Mizuho boosted their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, October 7th. Finally, Piper Sandler upped their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.18.

About Corebridge Financial

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.