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 business’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $34.09, for a total transaction of $110,032,293.00. Following the completion of the sale, the insider directly owned 44,234,423 shares in the company, valued at $1,507,951,480.07. This represents a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $36.13 on Thursday. The company has a fifty day moving average price of $34.63 and a 200 day moving average price of $30.05. The firm has a market cap of $15.84 billion, a PE ratio of 7.75, a PEG ratio of 0.52 and a beta of 1.05. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 1.67. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.71.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.01). The firm had revenue of $4.50 billion during the quarter, compared to analyst estimates of $5.36 billion. Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. The business’s revenue for the quarter was down 20.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.96 EPS. Research analysts predict that Corebridge Financial, Inc. will post 4.57 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be given 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 dividend payout ratio (DPR) is currently 21.46%.

Institutional Trading of Corebridge Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bell Investment Advisors Inc acquired a new position in Corebridge Financial during the second quarter valued at approximately $27,000. Parallel Advisors LLC increased its position in shares of Corebridge Financial by 59.8% during the 3rd quarter. Parallel Advisors LLC now owns 1,192 shares of the company’s stock worth $39,000 after purchasing an additional 446 shares during the last quarter. Sonoma Allocations LLC acquired a new position in shares of Corebridge Financial during the 1st quarter worth approximately $30,000. Allworth Financial LP acquired a new position in shares of Corebridge Financial during the 2nd quarter worth approximately $41,000. Finally, Versant Capital Management Inc increased its position in shares of Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after purchasing an additional 1,484 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the topic of several research reports. 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. UBS Group raised their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 6th. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $39.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. TD Cowen lifted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. Finally, Barclays boosted their price objective on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.