Corebridge Financial, Inc. Plans Quarterly Dividend of $0.25 (NYSE:CRBG)

by · The Markets Daily

Corebridge Financial, Inc. (NYSE:CRBG – Get Free Report) announced a quarterly dividend on Tuesday, August 4th. Stockholders of record on Wednesday, September 16th will be given a dividend of 0.25 per share on Wednesday, September 30th. This represents a c) dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, September 16th.

Corebridge Financial has a dividend payout ratio of 17.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Corebridge Financial to earn $5.75 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 17.4%.

Corebridge Financial Stock Up 0.6%

Corebridge Financial stock opened at $31.50 on Wednesday. The company has a market capitalization of $14.04 billion, a P/E ratio of 57.26, a PEG ratio of 0.39 and a beta of 1.08. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two week high of $36.57. The stock has a 50-day simple moving average of $29.50 and a 200-day simple moving average of $27.97.

Corebridge Financial (NYSE:CRBG – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same quarter in the previous year, the business earned $1.36 earnings per share. Equities research analysts expect that Corebridge Financial will post 4.55 earnings per share for the current year.

Insider Buying and Selling

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the transaction, the insider directly owned 128,153 shares in the company, valued at approximately $3,844,590. This represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently modified their holdings of CRBG. Bank of Nova Scotia grew its holdings in shares of Corebridge Financial by 3.8% in the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock worth $331,000 after acquiring an additional 340 shares during the period. Integrated Wealth Concepts LLC raised its holdings in Corebridge Financial by 2.5% during the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock worth $494,000 after purchasing an additional 383 shares during the last quarter. Van ECK Associates Corp boosted its position in Corebridge Financial by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock worth $141,000 after purchasing an additional 435 shares in the last quarter. Empowered Funds LLC boosted its position in Corebridge Financial by 7.1% during the fourth quarter. Empowered Funds LLC now owns 7,042 shares of the company’s stock worth $212,000 after purchasing an additional 465 shares in the last quarter. Finally, Assetmark Inc. grew its holdings in Corebridge Financial by 35.0% in the fourth quarter. Assetmark Inc. now owns 1,877 shares of the company’s stock valued at $57,000 after purchasing an additional 487 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

About Corebridge Financial

(Get Free Report)

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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