Corebridge Financial Target of Unusually Large Options Trading (NYSE:CRBG)

Corebridge Financial, Inc. (NYSE:CRBG) was the recipient of some unusual options trading on Wednesday. Investors purchased 5,633 call options on the stock. This represents an increase of approximately 560% compared to the typical daily volume of 854 call options.

Corebridge Financial Stock Up 1.2%

Shares of CRBG opened at $35.78 on Friday. Corebridge Financial has a 12 month low of $23.69 and a 12 month high of $36.08. The company has a 50-day moving average price of $32.48 and a two-hundred day moving average price of $31.57. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.96. The stock has a market cap of $19.67 billion, a price-to-earnings ratio of 30.32, a P/E/G ratio of 0.58 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. The company had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same quarter in the previous year, the company posted $1.10 earnings per share. Equities analysts predict that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date was Monday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is currently 81.36%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. BMO Capital Markets upped their target price on Corebridge Financial from $43.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, June 27th. UBS Group lowered Corebridge Financial from a “buy” rating to a “sell” rating and lowered their target price for the company from $40.00 to $28.00 in a report on Wednesday, April 2nd. Wall Street Zen raised Corebridge Financial from a “sell” rating to a “hold” rating in a report on Friday, June 6th. Morgan Stanley upped their target price on Corebridge Financial from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, June 27th. Finally, Piper Sandler upped their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.64.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. New York Life Investment Management LLC bought a new position in Corebridge Financial in the 4th quarter worth approximately $781,000. Merit Financial Group LLC bought a new position in Corebridge Financial in the 1st quarter worth approximately $832,000. Raymond James Financial Inc. bought a new position in Corebridge Financial in the 4th quarter worth approximately $31,844,000. US Bancorp DE raised its position in Corebridge Financial by 7,525.1% in the 4th quarter. US Bancorp DE now owns 21,579 shares of the company’s stock worth $646,000 after purchasing an additional 21,296 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Corebridge Financial by 88.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,872 shares of the company’s stock worth $2,899,000 after purchasing an additional 45,363 shares during the last quarter. Institutional investors 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.