Stock Traders Purchase Large Volume of Put Options on Corebridge Financial (NYSE:CRBG)

Corebridge Financial, Inc. (NYSE:CRBG) was the target of unusually large options trading activity on Wednesday. Traders bought 15,004 put options on the company. This represents an increase of 1,051% compared to the average daily volume of 1,303 put options.

Analyst Ratings Changes

A number of research firms have commented on CRBG. Royal Bank of Canada raised their price target on shares of Corebridge Financial from $25.00 to $28.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. UBS Group lifted their price objective on shares of Corebridge Financial from $22.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, January 10th. Wells Fargo & Company lifted their price objective on shares of Corebridge Financial from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, February 16th. Keefe, Bruyette & Woods lifted their price objective on shares of Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, February 16th. Finally, The Goldman Sachs Group lifted their price objective on shares of Corebridge Financial from $27.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $27.00.

Corebridge Financial Stock Up 2.0 %

Corebridge Financial stock opened at $28.72 on Friday. Corebridge Financial has a fifty-two week low of $14.91 and a fifty-two week high of $29.40. The stock has a market cap of $17.88 billion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 0.32 and a beta of 0.83. The firm’s 50-day simple moving average is $24.92 and its 200 day simple moving average is $22.22. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Thursday, February 15th. The company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.05. The business had revenue of $5.92 billion for the quarter, compared to analysts’ expectations of $5.65 billion. Corebridge Financial had a net margin of 5.92% and a return on equity of 23.11%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 earnings per share. Research analysts predict that Corebridge Financial will post 4.97 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Thursday, March 14th. Corebridge Financial’s dividend payout ratio is 54.44%.

Institutional Trading of Corebridge Financial

Several hedge funds have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd raised its position in Corebridge Financial by 89.1% in the fourth quarter. Quadrature Capital Ltd now owns 82,815 shares of the company’s stock worth $1,794,000 after acquiring an additional 39,021 shares during the period. Vanguard Group Inc. raised its position in shares of Corebridge Financial by 39.0% in the fourth quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock valued at $513,626,000 after purchasing an additional 6,648,673 shares during the period. Wellington Management Group LLP raised its position in shares of Corebridge Financial by 14,292.5% in the fourth quarter. Wellington Management Group LLP now owns 2,459,820 shares of the company’s stock valued at $53,280,000 after purchasing an additional 2,442,729 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Corebridge Financial by 60.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 830,102 shares of the company’s stock valued at $17,980,000 after purchasing an additional 312,539 shares during the period. Finally, American International Group Inc. raised its position in shares of Corebridge Financial by 25,998,738.6% in the fourth quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock valued at $7,022,291,000 after purchasing an additional 324,204,270 shares during the period. Institutional investors own 98.25% of the company’s stock.

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.