Corebridge Financial (NYSE:CRBG) Now Covered by BMO Capital Markets

BMO Capital Markets assumed coverage on shares of Corebridge Financial (NYSE:CRBG) in a research note released on Thursday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $43.00 price target on the stock.

A number of other equities research analysts have also recently issued reports on the stock. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a report on Monday, January 6th. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and increased their price target for the company from $33.00 to $40.00 in a research note on Friday, January 10th. Morgan Stanley lifted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Wells Fargo & Company dropped their price objective on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.43.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $32.71 on Thursday. The company has a market capitalization of $18.61 billion, a P/E ratio of -15.65, a price-to-earnings-growth ratio of 0.36 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 moving average price is $30.92 and its two-hundred day moving average price is $29.77. 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 (NYSE:CRBG) last released its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.05 EPS. On average, analysts expect that Corebridge Financial will post 4.8 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed 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 of this dividend was Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 2.81%. Corebridge Financial’s dividend payout ratio is presently -44.02%.

Insider Activity

In other news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CRBG. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Corebridge Financial in the 3rd quarter valued at $27,000. Fortitude Family Office LLC bought a new position in Corebridge Financial in the fourth quarter valued at about $27,000. FNY Investment Advisers LLC acquired a new position in Corebridge Financial during the fourth quarter worth about $27,000. Capital Performance Advisors LLP bought a new position in shares of Corebridge Financial in the third quarter worth about $28,000. Finally, ORG Wealth Partners LLC bought a new position in shares of Corebridge Financial in the third quarter worth about $29,000. 98.25% of the stock is currently 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.