Corebridge Financial, Inc. (NYSE:CRBG) Major Shareholder Sells $3,837,963,376.32 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

International Group American also recently made the following trade(s):

• On Thursday, November 7th, International Group American sold 30,000,000 shares of Corebridge Financial stock. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00.
• On Monday, September 16th, International Group American sold 5,000,000 shares of Corebridge Financial stock. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $30.36 on Friday. Corebridge Financial, Inc. has a 52 week low of $20.70 and a 52 week high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The company has a market cap of $17.27 billion, a PE ratio of -14.52, a P/E/G ratio of 0.41 and a beta of 0.86. The company’s fifty day simple moving average is $31.25 and its 200-day simple moving average is $29.51.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.21. The firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period last year, the company earned $1.05 earnings per share. As a group, equities research analysts anticipate that Corebridge Financial, Inc. will post 4.81 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 3.03%. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Morgan Stanley increased their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Barclays increased their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Piper Sandler dropped their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Finally, TD Cowen boosted their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $35.00.

Institutional Trading of Corebridge Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Canada Pension Plan Investment Board raised its holdings in shares of Corebridge Financial by 249.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after buying an additional 4,507,322 shares in the last quarter. Marshall Wace LLP raised its position in shares of Corebridge Financial by 201.1% during the 2nd quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock valued at $116,723,000 after acquiring an additional 2,677,105 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Corebridge Financial by 150.1% during the second quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock worth $103,707,000 after buying an additional 2,137,594 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Corebridge Financial by 40.3% during the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after purchasing an additional 1,282,154 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of Corebridge Financial by 34.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock worth $104,032,000 after acquiring an additional 915,848 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.