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

Corebridge Financial, Inc. (NYSE:CRBG) was the recipient of unusually large 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 daily volume of 3,655 put options.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Piper Sandler lifted their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday. Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 price target on shares of Corebridge Financial in a research note on Friday, April 12th. The Goldman Sachs Group boosted their price objective on Corebridge Financial from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Keefe, Bruyette & Woods raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Finally, Evercore ISI lifted their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.17.

Institutional Trading of Corebridge Financial

A number of large investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC bought a new position in shares of Corebridge Financial in the third quarter valued at approximately $391,000. Raymond James & Associates lifted its position in Corebridge Financial by 11.7% during the 3rd quarter. Raymond James & Associates now owns 37,003 shares of the company’s stock worth $731,000 after buying an additional 3,886 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Corebridge Financial by 59.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 451,817 shares of the company’s stock worth $8,923,000 after acquiring an additional 168,569 shares during the last quarter. Mackenzie Financial Corp increased its position in Corebridge Financial by 29.2% in the 3rd quarter. Mackenzie Financial Corp now owns 571,589 shares of the company’s stock valued at $11,186,000 after acquiring an additional 129,086 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Corebridge Financial in the third quarter worth about $294,000. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Up 2.8 %

Shares of CRBG stock opened at $30.04 on Wednesday. The firm has a market cap of $18.70 billion, a PE ratio of 7.90, a price-to-earnings-growth ratio of 0.33 and a beta of 0.96. Corebridge Financial has a 12 month low of $16.13 and a 12 month high of $30.04. The stock has a 50 day moving average of $26.71 and a 200-day moving average of $23.77. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.92.

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

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.23 per share. The ex-dividend date is Friday, June 14th. This represents a $0.92 annualized dividend and a dividend yield of 3.06%. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

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.