Corebridge Financial Sees Unusually High Options Volume (NYSE:CRBG)

Corebridge Financial, Inc. (NYSE:CRBG) was the target of some unusual options trading activity on Tuesday. Stock investors acquired 12,894 put options on the company. This represents an increase of 253% compared to the average volume of 3,655 put options.

Corebridge Financial Stock Up 2.6 %

Shares of Corebridge Financial stock opened at $30.82 on Thursday. The company has a market cap of $19.19 billion, a P/E ratio of 8.11, a P/E/G ratio of 0.33 and a beta of 0.96. Corebridge Financial has a 1 year low of $16.13 and a 1 year high of $30.85. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92. The stock has a 50-day moving average price of $26.81 and a 200 day moving average price of $23.84.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Friday, May 3rd. The company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a net margin of 11.25% and a return on equity of 24.31%. The firm had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.50 billion. During the same period in the previous year, the firm posted $0.97 earnings per share. As a group, analysts expect that Corebridge Financial will post 4.82 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.92 annualized dividend and a dividend yield of 2.99%. Corebridge Financial’s dividend payout ratio is 24.21%.

Analysts Set New Price Targets

A number of research firms have commented on CRBG. Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. UBS Group upped their target price on Corebridge Financial from $22.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Morgan Stanley lifted their price target on Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Keefe, Bruyette & Woods upped their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Finally, Piper Sandler raised their target price on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.17.

Institutional Trading of Corebridge Financial

A number of institutional investors have recently bought and sold shares of CRBG. Riverview Trust Co acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at $25,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Corebridge Financial in the third quarter worth $28,000. Vestor Capital LLC bought a new stake in shares of Corebridge Financial during the 4th quarter worth $43,000. Cullen Frost Bankers Inc. acquired a new position in Corebridge Financial in the 3rd quarter valued at $55,000. Finally, Headlands Technologies LLC acquired a new position in Corebridge Financial during the 4th quarter worth $65,000. 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.