David Ditillo Sells 8,736 Shares of Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial, Inc. (NYSE:CRBG) insider David Ditillo sold 8,736 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $35.00, for a total value of $305,760.00. Following the sale, the insider directly owned 102,417 shares in the company, valued at approximately $3,584,595. This trade represents a 7.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

David Ditillo also recently made the following trade(s):

• On Thursday, August 6th, David Ditillo sold 12,414 shares of Corebridge Financial stock. The shares were sold at an average price of $34.00, for a total value of $422,076.00.
• On Monday, July 6th, David Ditillo sold 4,250 shares of Corebridge Financial stock. The stock was sold at an average price of $30.00, for a total transaction of $127,500.00.

Corebridge Financial Price Performance

Corebridge Financial stock traded up $0.11 during trading hours on Monday, reaching $34.78. 6,045,781 shares of the stock were exchanged, compared to its average volume of 4,958,233. The company has a market cap of $15.51 billion, a P/E ratio of 20.34, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $35.17. The stock has a 50 day moving average of $32.43 and a two-hundred day moving average of $28.54.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The company had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the previous year, the company earned $1.36 EPS. Equities analysts expect that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 2.9%. Corebridge Financial’s dividend payout ratio is presently 58.48%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Barclays raised their price objective on Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Piper Sandler boosted their target price on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Finally, Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $37.42.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Rothschild Investment LLC grew its position in Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares during the last quarter. Bell Investment Advisors Inc bought a new stake in shares of Corebridge Financial during the second quarter worth about $27,000. Sonoma Allocations LLC bought a new stake in shares of Corebridge Financial during the first quarter worth about $30,000. Allworth Financial LP acquired a new position in shares of Corebridge Financial in the second quarter valued at approximately $41,000. Finally, Versant Capital Management Inc increased its stake in shares of Corebridge Financial by 1,124.2% in the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after buying an additional 1,484 shares during the period. 98.25% of the stock is currently owned by institutional investors.

About Corebridge Financial

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group’s life and retirement business and began operating as an independent publicly traded company in 2022.