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

Corebridge Financial, Inc. (NYSE:CRBG) was the target of some unusual options trading activity on Monday. Traders purchased 14,692 call options on the stock. This is an increase of approximately 532% compared to the typical volume of 2,324 call options.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $33.00 to $40.00 in a report on Friday, January 10th. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective on the stock. Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $35.00 to $43.00 in a report on Friday. Finally, DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.29.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.08% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Forum Financial Management LP raised its stake in Corebridge Financial by 60.2% in the 4th quarter. Forum Financial Management LP now owns 15,730 shares of the company’s stock valued at $471,000 after acquiring an additional 5,912 shares during the period. Sunbelt Securities Inc. bought a new stake in shares of Corebridge Financial during the fourth quarter valued at about $30,000. CSS LLC IL increased its position in shares of Corebridge Financial by 22.2% during the fourth quarter. CSS LLC IL now owns 21,391 shares of the company’s stock valued at $640,000 after buying an additional 3,891 shares during the period. PharVision Advisers LLC bought a new stake in shares of Corebridge Financial during the fourth quarter valued at about $268,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Corebridge Financial by 0.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,659,829 shares of the company’s stock valued at $49,679,000 after buying an additional 4,666 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Trading Down 1.4 %

NYSE CRBG opened at $34.21 on Tuesday. The stock has a market capitalization of $19.02 billion, a price-to-earnings ratio of 9.05, a PEG ratio of 0.43 and a beta of 0.94. Corebridge Financial has a one year low of $23.77 and a one year high of $35.36. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The business’s fifty day moving average is $32.15 and its 200-day moving average is $30.74.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. Equities research analysts predict that Corebridge Financial will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.24 dividend. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Monday, March 17th. Corebridge Financial’s payout ratio is currently 25.40%.

Corebridge Financial Company Profile

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.