Corebridge Financial, Inc. Declares Quarterly Dividend of $0.23 (NYSE:CRBG)

Corebridge Financial, Inc. (NYSE:CRBG) declared a quarterly dividend on Monday, November 4th, Zacks reports. Stockholders of record on Tuesday, December 17th will be paid a dividend of 0.23 per share on Tuesday, December 31st. This represents a $0.92 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Tuesday, December 17th.

Corebridge Financial has a payout ratio of 16.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Corebridge Financial to earn $5.58 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 16.5%.

Corebridge Financial Price Performance

Shares of CRBG stock traded up $3.15 on Wednesday, hitting $33.15. 1,990,563 shares of the company’s stock were exchanged, compared to its average volume of 3,858,358. The company has a 50 day moving average of $29.46 and a 200 day moving average of $29.07. The stock has a market cap of $19.63 billion, a P/E ratio of 9.34, a price-to-earnings-growth ratio of 0.43 and a beta of 0.90. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial has a 12 month low of $18.83 and a 12 month high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same period last year, the company posted $1.05 EPS. The firm’s quarterly revenue was up 39.5% compared to the same quarter last year. On average, equities research analysts predict that Corebridge Financial will post 4.65 EPS for the current year.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the transaction, the insider now directly owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.08% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CRBG has been the topic of several recent research reports. Morgan Stanley raised their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday. Barclays upped their price objective on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday. TD Cowen started coverage on shares of Corebridge Financial in a research report on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price on the stock. Piper Sandler decreased their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Finally, UBS Group lifted their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $34.85.

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.