Stock Traders Buy 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 Tuesday. Traders acquired 12,894 put options on the stock. This is an increase of approximately 253% compared to the typical volume of 3,655 put options.

Corebridge Financial Trading Up 2.8 %

CRBG opened at $30.04 on Wednesday. The company has a market cap of $18.70 billion, a P/E ratio of 7.90, a price-to-earnings-growth ratio of 0.33 and a beta of 0.96. The company has a fifty day moving average price of $26.71 and a two-hundred day moving average price of $23.77. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92. Corebridge Financial has a 1-year low of $16.13 and a 1-year high of $30.04.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.05. The firm had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.50 billion. Corebridge Financial had a net margin of 11.25% and a return on equity of 24.31%. During the same quarter in the prior year, the company posted $0.97 earnings per share. Analysts predict that Corebridge Financial will post 4.82 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently modified their holdings of the business. Factory Mutual Insurance Co. raised its position in Corebridge Financial by 47.1% in the fourth quarter. Factory Mutual Insurance Co. now owns 1,028,200 shares of the company’s stock worth $22,271,000 after acquiring an additional 329,200 shares during the period. Vanguard Group Inc. lifted its stake in Corebridge Financial by 10.1% in the third quarter. Vanguard Group Inc. now owns 17,064,429 shares of the company’s stock valued at $337,022,000 after purchasing an additional 1,566,275 shares during the last quarter. Artemis Investment Management LLP purchased a new stake in Corebridge Financial in the fourth quarter worth $18,378,000. New York State Common Retirement Fund lifted its position in shares of Corebridge Financial by 25.8% during the 4th quarter. New York State Common Retirement Fund now owns 180,853 shares of the company’s stock valued at $3,917,000 after buying an additional 37,040 shares during the last quarter. Finally, IFM Investors Pty Ltd bought a new position in shares of Corebridge Financial during the 1st quarter worth $1,166,000. 98.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CRBG has been the subject of several research analyst reports. Royal Bank of Canada reissued an “outperform” rating and set a $32.00 target price on shares of Corebridge Financial in a research note on Friday, April 12th. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. UBS Group upped their price target on shares of Corebridge Financial from $22.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, January 10th. Morgan Stanley increased their price objective on Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Finally, 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. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.17.

About Corebridge Financial

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.