Corebridge Financial (NYSE:CRBG) Trading Down 5% – Should You Sell?

Corebridge Financial, Inc. (NYSE:CRBG) traded down 5% on Tuesday . The company traded as low as $29.96 and last traded at $29.97. 2,964,741 shares were traded during trading, a decline of 23% from the average session volume of 3,851,435 shares. The stock had previously closed at $31.55.

Analyst Ratings Changes

Several research firms recently issued reports on CRBG. TD Cowen began coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price target on the stock. Morgan Stanley upped their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Piper Sandler dropped their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Bank of America cut their target price on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Finally, Royal Bank of Canada decreased their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.85.

Corebridge Financial Trading Down 4.9 %

The business’s 50 day simple moving average is $29.44 and its 200-day simple moving average is $29.05. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The stock has a market capitalization of $17.76 billion, a P/E ratio of 9.83, a PEG ratio of 0.43 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The firm had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the company earned $1.05 earnings per share. The business’s revenue was up 39.5% compared to the same quarter last year. As a group, analysts forecast that Corebridge Financial, Inc. will post 4.65 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the transaction, the insider now owns 279,238,898 shares of the company’s stock, valued at $8,058,834,596.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Corebridge Financial by 1.8% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 483,478 shares of the company’s stock valued at $14,098,000 after acquiring an additional 8,499 shares in the last quarter. Entropy Technologies LP bought a new position in Corebridge Financial during the 3rd quarter valued at $627,000. Versor Investments LP grew its position in Corebridge Financial by 26.4% in the 3rd quarter. Versor Investments LP now owns 26,800 shares of the company’s stock worth $781,000 after purchasing an additional 5,600 shares in the last quarter. Jupiter Wealth Management LLC bought a new position in shares of Corebridge Financial in the third quarter valued at approximately $117,000. Finally, Intrinsic Value Partners LLC bought a new stake in shares of Corebridge Financial during the 3rd quarter worth $712,000. Institutional investors and hedge funds 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.