Corebridge Financial, Inc. (NYSE:CRBG) Receives $35.00 Consensus PT from Brokerages

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been assigned an average rating of “Moderate Buy” from the fourteen brokerages that are covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $35.08.

Several research analysts recently commented on CRBG shares. TD Cowen lifted their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. 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 report on Tuesday, November 5th. Piper Sandler raised their target price on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, Barclays upped their price target on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $29.66 on Wednesday. The business’s 50-day simple moving average is $31.24 and its 200-day simple moving average is $29.52. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial has a 52 week low of $21.40 and a 52 week high of $34.66. The firm has a market cap of $16.87 billion, a price-to-earnings ratio of -14.19, a P/E/G ratio of 0.39 and a beta of 0.86.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the company posted $1.05 earnings per share. The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. As a group, equities research analysts expect that Corebridge Financial will post 4.81 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Insider Activity

In related news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the transaction, the insider now owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Corebridge Financial in the 3rd quarter worth about $27,000. Capital Performance Advisors LLP acquired a new position in Corebridge Financial in the third quarter valued at about $28,000. ORG Wealth Partners LLC bought a new stake in Corebridge Financial during the third quarter worth about $29,000. HM Payson & Co. acquired a new stake in shares of Corebridge Financial during the third quarter worth approximately $29,000. Finally, LRI Investments LLC bought a new position in shares of Corebridge Financial in the second quarter valued at approximately $30,000. 98.25% of the stock is currently 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.