Corebridge Financial (NYSE:CRBG) PT Raised to $40.00

Corebridge Financial (NYSE:CRBG) had its price objective lifted by Jefferies Financial Group from $35.00 to $40.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also weighed in on the company. Piper Sandler boosted their price objective on Corebridge Financial from $34.00 to $35.00 and gave the company an overweight rating in a report on Monday, May 6th. Wells Fargo & Company boosted their price objective on Corebridge Financial from $33.00 to $34.00 and gave the company an overweight rating in a report on Friday, May 10th. Keefe, Bruyette & Woods boosted their price objective 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 boosted their price objective on Corebridge Financial from $30.00 to $32.00 and gave the company an outperform rating in a report on Thursday, April 11th. 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. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Corebridge Financial has an average rating of Moderate Buy and a consensus target price of $31.18.

Corebridge Financial Stock Up 0.0 %

Shares of NYSE CRBG opened at $29.12 on Friday. Corebridge Financial has a 1 year low of $17.37 and a 1 year high of $34.66. The firm has a market cap of $17.72 billion, a price-to-earnings ratio of 7.66, a PEG ratio of 0.32 and a beta of 0.99. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.14 and a current ratio of 0.14. The stock’s 50-day simple moving average is $29.21 and its 200-day simple moving average is $26.31.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.05. The firm had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same period in the previous year, the company earned $0.97 earnings per share. As a group, equities analysts anticipate that Corebridge Financial will post 4.95 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.92 annualized dividend and a dividend yield of 3.16%. Corebridge Financial’s dividend payout ratio is presently 24.21%.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $29.20, for a total transaction of $876,000,000.00. Following the completion of the transaction, the insider now directly owns 294,203,636 shares in the company, valued at $8,590,746,171.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale lifted its position in Corebridge Financial by 134.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 20,565 shares of the company’s stock worth $578,000 after purchasing an additional 11,786 shares during the period. Algebris UK Ltd acquired a new stake in Corebridge Financial in the first quarter worth approximately $7,187,000. Plato Investment Management Ltd bought a new position in shares of Corebridge Financial in the first quarter valued at $100,000. Tidal Investments LLC increased its holdings in shares of Corebridge Financial by 154.6% in the first quarter. Tidal Investments LLC now owns 25,647 shares of the company’s stock valued at $737,000 after buying an additional 15,574 shares in the last quarter. Finally, California State Teachers Retirement System increased its holdings in shares of Corebridge Financial by 772.7% in the first quarter. California State Teachers Retirement System now owns 331,471 shares of the company’s stock valued at $9,523,000 after buying an additional 293,487 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.