Insider Selling: Corebridge Financial (NYSE:CRBG) Insider Sells $127,500.00 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) insider David Ditillo sold 4,250 shares of Corebridge Financial stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $30.00, for a total value of $127,500.00. Following the sale, the insider owned 128,153 shares in the company, valued at $3,844,590. This represents a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Corebridge Financial Stock Down 0.6%

Shares of CRBG stock traded down $0.18 during mid-day trading on Tuesday, reaching $30.63. 3,911,113 shares of the company were exchanged, compared to its average volume of 5,288,239. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $36.57. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market capitalization of $13.65 billion, a P/E ratio of 55.69, a P/E/G ratio of 0.33 and a beta of 1.10. The business’s 50 day simple moving average is $27.71 and its 200 day simple moving average is $27.87.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The company had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period in the prior year, the company earned $1.16 earnings per share. Research analysts predict that Corebridge Financial, Inc. will post 4.75 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.3%. Corebridge Financial’s dividend payout ratio (DPR) is presently 181.82%.

Institutional Trading of Corebridge Financial

Several hedge funds have recently made changes to their positions in CRBG. Community Bank N.A. acquired a new stake in Corebridge Financial in the third quarter worth $26,000. Salomon & Ludwin LLC grew its position in shares of Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after acquiring an additional 532 shares during the last quarter. Rothschild Investment LLC grew its position in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares during the last quarter. True Wealth Design LLC raised its stake in Corebridge Financial by 50.2% during the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after acquiring an additional 412 shares in the last quarter. Finally, Sonoma Allocations LLC bought a new stake in Corebridge Financial during the 1st quarter valued at $30,000. Institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CRBG shares. Piper Sandler cut their price objective on Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. JPMorgan Chase & Co. decreased their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Mizuho upped their price target on Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. TD Cowen reduced their price objective on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Finally, Weiss Ratings downgraded shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $34.64.

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.