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

Corebridge Financial, Inc. (NYSE:CRBG) was the target of unusually large options trading on Wednesday. Stock traders bought 16,034 put options on the stock. This represents an increase of approximately 2,421% compared to the typical volume of 636 put options.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Barclays lowered their target price on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating on the stock in a report on Wednesday, October 8th. Mizuho initiated coverage on shares of Corebridge Financial in a report on Tuesday. They set an “outperform” rating and a $38.00 price target for the company. Wolfe Research initiated coverage on shares of Corebridge Financial in a research report on Friday, October 10th. They issued a “peer perform” rating for the company. Finally, Keefe, Bruyette & Woods dropped their target price on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.27.

Corebridge Financial Trading Down 4.7%

Shares of CRBG opened at $30.51 on Thursday. Corebridge Financial has a twelve month low of $23.69 and a twelve month high of $36.57. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $15.88 billion, a P/E ratio of 18.16, a PEG ratio of 0.44 and a beta of 1.04. The firm’s 50-day moving average is $30.57 and its two-hundred day moving average is $32.70.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.12). The firm had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The business’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.23 earnings per share. On average, research analysts predict that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be given a $0.24 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. Corebridge Financial’s payout ratio is currently 57.14%.

Institutional Investors Weigh In On Corebridge Financial

A number of large investors have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL increased its holdings in Corebridge Financial by 1,626.9% during the 3rd quarter. Tudor Investment Corp ET AL now owns 524,760 shares of the company’s stock valued at $16,819,000 after acquiring an additional 494,373 shares in the last quarter. Severin Investments LLC grew its position in shares of Corebridge Financial by 1.4% in the third quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock valued at $794,000 after purchasing an additional 350 shares during the last quarter. Cambria Investment Management L.P. increased its stake in shares of Corebridge Financial by 1,706.2% during the 3rd quarter. Cambria Investment Management L.P. now owns 295,624 shares of the company’s stock worth $9,475,000 after purchasing an additional 279,257 shares in the last quarter. Prana Capital Management LP purchased a new position in shares of Corebridge Financial during the 3rd quarter worth approximately $16,668,000. Finally, CIBC Bancorp USA Inc. acquired a new position in shares of Corebridge Financial during the 3rd quarter worth approximately $309,000. 98.25% of the stock is owned by institutional investors and hedge funds.

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.