Corebridge Financial (NYSE:CRBG) Insider Sells $305,760.00 in Stock

by · The Cerbat Gem

Corebridge Financial, Inc. (NYSE:CRBG – Get Free Report) insider David Ditillo sold 8,736 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $35.00, for a total transaction of $305,760.00. Following the sale, the insider directly owned 102,417 shares of the company’s stock, valued at approximately $3,584,595. This represents a 7.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

David Ditillo also recently made the following trade(s):

  • On Thursday, August 6th, David Ditillo sold 12,414 shares of Corebridge Financial stock. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00.
  • On Monday, July 6th, David Ditillo sold 4,250 shares of Corebridge Financial stock. The stock was sold at an average price of $30.00, for a total transaction of $127,500.00.

Corebridge Financial Trading Down 0.4%

Shares of CRBG stock opened at $34.87 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market cap of $15.54 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 0.45 and a beta of 1.08. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.43. The firm has a fifty day moving average price of $32.70 and a 200-day moving average price of $28.70.

Corebridge Financial (NYSE:CRBG – Get Free Report) last announced 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. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The company had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period last year, the firm earned $1.36 EPS. As a group, equities analysts predict that Corebridge Financial, Inc. will post 4.58 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial’s payout ratio is presently 58.48%.

Institutional Trading of Corebridge Financial

A number of large investors have recently made changes to their positions in the business. Wellington Management Group LLP purchased a new stake in shares of Corebridge Financial in the second quarter valued at approximately $99,469,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new stake in Corebridge Financial during the 4th quarter valued at $5,358,000. BlackRock Inc. bought a new stake in Corebridge Financial during the 2nd quarter valued at $726,494,000. WINTON GROUP Ltd purchased a new stake in shares of Corebridge Financial in the 2nd quarter worth $1,729,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Corebridge Financial in the 2nd quarter worth $8,803,000. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of recent analyst reports. Jefferies Financial Group raised their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Mizuho increased their price target on Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. Wells Fargo & Company boosted their price objective on Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Keefe, Bruyette & Woods increased their target price on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Finally, Piper Sandler boosted their price target on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $37.42.

Check Out Our Latest Stock Report on Corebridge Financial

About Corebridge Financial

(Get Free Report)

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group’s life and retirement business and began operating as an independent publicly traded company in 2022.

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