Corebridge Financial, Inc. (NYSE:CRBG) Receives $35.85 Consensus Target Price from Analysts

Corebridge Financial, Inc. (NYSE:CRBG) has earned an average recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $35.92.

Several equities research analysts have commented on CRBG shares. Piper Sandler boosted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Morgan Stanley boosted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and upped their target price for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Wells Fargo & Company reduced their price target on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th.

Corebridge Financial Trading Up 3.1 %

Shares of Corebridge Financial stock opened at $31.64 on Friday. The firm has a market cap of $18.00 billion, a price-to-earnings ratio of -15.14, a price-to-earnings-growth ratio of 0.33 and a beta of 0.92. Corebridge Financial has a 52-week low of $23.01 and a 52-week high of $34.66. The company’s 50-day simple moving average is $30.82 and its 200-day simple moving average is $29.67. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the business posted $1.05 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, equities research analysts anticipate that Corebridge Financial will post 4.83 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were issued a $0.23 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.91%. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the sale, the insider now owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio grew its holdings in Corebridge Financial by 11.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock valued at $4,871,000 after buying an additional 16,970 shares during the period. Virtu Financial LLC acquired a new stake in shares of Corebridge Financial in the third quarter worth approximately $581,000. State Street Corp grew its holdings in Corebridge Financial by 11.7% in the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after purchasing an additional 843,559 shares during the period. First Hawaiian Bank acquired a new position in Corebridge Financial during the fourth quarter worth approximately $1,168,000. Finally, Qsemble Capital Management LP purchased a new position in Corebridge Financial during the third quarter worth approximately $2,370,000. 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.