Corebridge Financial (NYSE:CRBG) Given New $35.00 Price Target at Piper Sandler

Corebridge Financial (NYSE:CRBG) had its price objective boosted by Piper Sandler from $34.00 to $35.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Barclays lifted their target price on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. TD Cowen boosted their target price on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Morgan Stanley boosted their price objective on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $35.08.

Corebridge Financial Trading Up 2.0 %

Shares of NYSE:CRBG opened at $29.66 on Wednesday. The business’s 50 day moving average price is $31.24 and its 200-day moving average price is $29.51. Corebridge Financial has a 1 year low of $21.40 and a 1 year high of $34.66. The firm has a market capitalization of $16.87 billion, a price-to-earnings ratio of -14.19, a price-to-earnings-growth ratio of 0.39 and a beta of 0.86. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.05 earnings per share. On average, equities research analysts forecast that Corebridge Financial will post 4.81 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 3.10%. Corebridge Financial’s payout ratio is currently -44.02%.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the sale, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently bought and sold shares of CRBG. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Corebridge Financial by 15.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 10,087 shares of the company’s stock valued at $294,000 after purchasing an additional 1,364 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Corebridge Financial in the second quarter valued at $1,348,000. Raymond James & Associates raised its stake in shares of Corebridge Financial by 145.1% in the second quarter. Raymond James & Associates now owns 150,959 shares of the company’s stock valued at $4,396,000 after acquiring an additional 89,380 shares in the last quarter. Fifth Third Bancorp purchased a new position in Corebridge Financial in the second quarter valued at $54,000. Finally, LRI Investments LLC acquired a new position in Corebridge Financial during the 2nd quarter worth $30,000. 98.25% of the stock is 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.