Corebridge Financial Target of Unusually High Options Trading (NYSE:CRBG)

Corebridge Financial, Inc. (NYSE:CRBG) was the target of unusually large options trading on Thursday. Investors acquired 30,834 call options on the stock. This is an increase of 3,092% compared to the typical volume of 966 call options.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Weiss Ratings raised Corebridge Financial from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday. Piper Sandler upgraded shares of Corebridge Financial to a “strong-buy” rating in a research report on Thursday, April 2nd. Mizuho upped their price target on shares of Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Barclays reduced their price target on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a research report on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.92.

Institutional Trading of Corebridge Financial

A number of hedge funds and other institutional investors have recently modified their holdings of CRBG. Goldman Sachs Group Inc. increased its stake in shares of Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after acquiring an additional 905,918 shares during the last quarter. Focus Partners Wealth acquired a new stake in shares of Corebridge Financial in the 1st quarter worth $384,000. Creative Planning acquired a new stake in shares of Corebridge Financial in the 2nd quarter worth $243,000. EverSource Wealth Advisors LLC increased its stake in shares of Corebridge Financial by 58.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock worth $162,000 after acquiring an additional 1,688 shares during the last quarter. Finally, Cerity Partners LLC increased its stake in shares of Corebridge Financial by 64.4% in the 2nd quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock worth $3,286,000 after acquiring an additional 36,239 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

CRBG stock traded up $0.97 during midday trading on Thursday, reaching $27.41. The stock had a trading volume of 3,974,603 shares, compared to its average volume of 5,265,025. The company’s fifty day simple moving average is $25.25 and its 200 day simple moving average is $28.45. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. The company has a market cap of $12.52 billion, a price-to-earnings ratio of 49.99, a price-to-earnings-growth ratio of 0.36 and a beta of 1.18. Corebridge Financial has a 52-week low of $22.19 and a 52-week high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same quarter in the previous year, the business posted $1.16 EPS. As a group, sell-side analysts predict that Corebridge Financial will post 4.93 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.6%. Corebridge Financial’s dividend payout ratio is presently 181.82%.

Corebridge Financial Company Profile

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.