Traders Buy High Volume of Call Options on Corebridge Financial (NYSE:CRBG)

Corebridge Financial, Inc. (NYSE:CRBG) saw unusually large options trading on Wednesday. Stock traders acquired 11,283 call options on the company. This represents an increase of approximately 73% compared to the average daily volume of 6,517 call options.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded up $0.38 during midday trading on Wednesday, reaching $29.87. 474,165 shares of the company’s stock traded hands, compared to its average volume of 4,372,038. The company has a market cap of $18.17 billion, a price-to-earnings ratio of 7.76, a P/E/G ratio of 0.32 and a beta of 0.97. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial has a one year low of $17.40 and a one year high of $34.66. The stock has a 50 day moving average of $29.53 and a 200 day moving average of $26.71.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. The company had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.50 billion. During the same quarter in the prior year, the company earned $0.97 earnings per share. As a group, equities research analysts anticipate that Corebridge Financial will post 4.87 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date was Friday, June 14th. Corebridge Financial’s dividend payout ratio is 24.21%.

Analyst Ratings Changes

Several analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Keefe, Bruyette & Woods upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Evercore ISI upped their target price on Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. Wells Fargo & Company upped their target price on Corebridge Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Friday, May 10th. Finally, Morgan Stanley upped their target price on Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and an average target price of $32.00.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the sale, the insider now owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.09% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Riverview Trust Co bought a new position in Corebridge Financial in the first quarter valued at about $25,000. O Shaughnessy Asset Management LLC raised its stake in shares of Corebridge Financial by 5.9% in the first quarter. O Shaughnessy Asset Management LLC now owns 17,511 shares of the company’s stock worth $503,000 after buying an additional 978 shares during the period. CWM LLC raised its stake in shares of Corebridge Financial by 13.8% in the second quarter. CWM LLC now owns 8,762 shares of the company’s stock worth $255,000 after buying an additional 1,063 shares during the period. Commonwealth Equity Services LLC raised its stake in shares of Corebridge Financial by 5.6% in the first quarter. Commonwealth Equity Services LLC now owns 21,725 shares of the company’s stock worth $624,000 after buying an additional 1,149 shares during the period. Finally, Sciencast Management LP raised its stake in shares of Corebridge Financial by 15.7% in the first quarter. Sciencast Management LP now owns 11,170 shares of the company’s stock worth $321,000 after buying an additional 1,515 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.