Corebridge Financial, Inc. (NYSE:CRBG) Receives Average Recommendation of “Moderate Buy” from Analysts

Corebridge Financial, Inc. (NYSE:CRBG) has been given an average recommendation of “Moderate Buy” by the thirteen analysts that are covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $33.62.

A number of brokerages recently weighed in on CRBG. Barclays began coverage on Corebridge Financial in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price objective on the stock. Jefferies Financial Group upped their price objective on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Royal Bank of Canada cut their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. UBS Group boosted their target price 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. Finally, Morgan Stanley dropped their price target on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th.

Insider Activity

In related news, major shareholder International Group American sold 8,032,129 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the sale, the insider now owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its stake in shares of Corebridge Financial by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after buying an additional 585 shares during the period. Commonwealth Equity Services LLC boosted its holdings in Corebridge Financial by 2.7% in the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after acquiring an additional 597 shares in the last quarter. Xponance Inc. grew its stake in Corebridge Financial by 3.0% in the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock valued at $613,000 after acquiring an additional 612 shares during the period. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Corebridge Financial by 3.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock valued at $740,000 after acquiring an additional 770 shares in the last quarter. Finally, Riverview Trust Co acquired a new position in shares of Corebridge Financial during the first quarter worth approximately $25,000. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Stock Down 0.4 %

Shares of NYSE CRBG opened at $27.41 on Monday. The stock has a 50-day moving average price of $28.26 and a two-hundred day moving average price of $28.15. Corebridge Financial has a 12 month low of $18.40 and a 12 month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. The company has a market cap of $16.23 billion, a price-to-earnings ratio of 7.21, a PEG ratio of 0.35 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same quarter last year, the business posted $1.04 earnings per share. As a group, analysts forecast that Corebridge Financial will post 4.74 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 Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

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.