Corebridge Financial (NYSE:CRBG) Shares Gap Down – Time to Sell?

Corebridge Financial, Inc. (NYSE:CRBG) gapped down before the market opened on Tuesday . The stock had previously closed at $34.49, but opened at $33.05. Corebridge Financial shares last traded at $33.1820, with a volume of 3,340,180 shares.

Wall Street Analyst Weigh In

Several analysts recently commented on CRBG shares. Jefferies Financial Group raised their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. JPMorgan Chase & Co. cut their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 12th. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Finally, Piper Sandler upped their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average price target of $37.17.

Corebridge Financial Price Performance

The stock has a market capitalization of $15.01 billion, a price-to-earnings ratio of 19.69, a P/E/G ratio of 0.43 and a beta of 1.08. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The business has a 50-day simple moving average of $30.35 and a two-hundred day simple moving average of $28.12.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $1.12 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period last year, the company posted $1.36 EPS. As a group, research analysts predict that Corebridge Financial, Inc. will post 4.56 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 3.0%. Corebridge Financial’s dividend payout ratio (DPR) is currently 58.48%.

Insiders Place Their Bets

In related news, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the transaction, the insider directly owned 111,153 shares of the company’s stock, valued at $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Large investors have recently made changes to their positions in the business. Bank of Nova Scotia grew its position in Corebridge Financial by 3.8% in the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock worth $331,000 after buying an additional 340 shares during the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of Corebridge Financial by 2.5% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock valued at $494,000 after acquiring an additional 383 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Corebridge Financial by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock valued at $141,000 after acquiring an additional 435 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Corebridge Financial by 7.1% during the 4th quarter. Empowered Funds LLC now owns 7,042 shares of the company’s stock worth $212,000 after acquiring an additional 465 shares in the last quarter. Finally, Assetmark Inc. boosted its stake in shares of Corebridge Financial by 35.0% during the 4th quarter. Assetmark Inc. now owns 1,877 shares of the company’s stock worth $57,000 after acquiring an additional 487 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.