Corebridge Financial (NYSE:CRBG) Given New $37.00 Price Target at TD Cowen

Corebridge Financial (NYSE:CRBG) had its target price increased by TD Cowen from $35.00 to $37.00 in a report released on Wednesday morning,Benzinga reports. TD Cowen currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the company. Morgan Stanley boosted their target price 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. Royal Bank of Canada cut their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Barclays raised their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Piper Sandler cut their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Corebridge Financial Stock Performance

NYSE CRBG opened at $32.42 on Wednesday. The company has a market cap of $18.44 billion, a P/E ratio of -15.51, a PEG ratio of 0.41 and a beta of 0.90. The company has a fifty day simple moving average of $30.57 and a 200 day simple moving average of $29.42. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial has a 12-month low of $20.07 and a 12-month high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping 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 negative net margin of 6.10% and a positive return on equity of 22.24%. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.05 earnings per share. Sell-side analysts predict that Corebridge Financial will post 4.78 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.84%. Corebridge Financial’s payout ratio is -44.02%.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the transaction, the insider now owns 249,238,898 shares of the company’s stock, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently added to or reduced their stakes in the business. Public Employees Retirement Association of Colorado bought a new position in Corebridge Financial in the 1st quarter worth about $751,000. California State Teachers Retirement System increased its position in shares of Corebridge Financial by 772.7% in the first quarter. California State Teachers Retirement System now owns 331,471 shares of the company’s stock worth $9,523,000 after purchasing an additional 293,487 shares during the last quarter. Tidal Investments LLC raised its stake in Corebridge Financial by 154.6% in the first quarter. Tidal Investments LLC now owns 25,647 shares of the company’s stock valued at $737,000 after purchasing an additional 15,574 shares in the last quarter. Plato Investment Management Ltd bought a new stake in Corebridge Financial during the first quarter valued at approximately $100,000. Finally, DekaBank Deutsche Girozentrale grew its stake in Corebridge Financial by 134.3% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 20,565 shares of the company’s stock worth $578,000 after buying an additional 11,786 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

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.