Corebridge Financial (NYSE:CRBG) Price Target Raised to $34.00 at JPMorgan Chase & Co.

Corebridge Financial (NYSE:CRBG) had its price target upped by JPMorgan Chase & Co. from $26.00 to $34.00 in a report published on Tuesday, Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities analysts have also recently weighed in on the company. Piper Sandler boosted their price objective on Corebridge Financial from $34.00 to $35.00 and gave the stock an overweight rating in a research report on Monday, May 6th. Wells Fargo & Company boosted their price objective on Corebridge Financial from $33.00 to $34.00 and gave the stock an overweight rating in a research report on Friday, May 10th. Royal Bank of Canada reissued an outperform rating and set a $33.00 price objective on shares of Corebridge Financial in a research report on Friday, June 28th. Evercore ISI boosted their price objective on Corebridge Financial from $30.00 to $32.00 and gave the stock an outperform rating in a research report on Thursday, April 11th. Finally, Morgan Stanley boosted their price objective on Corebridge Financial from $26.00 to $28.00 and gave the stock an equal weight rating in a research report on Monday, April 15th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $31.42.

Corebridge Financial Stock Performance

CRBG opened at $29.59 on Tuesday. The company has a market cap of $18.00 billion, a PE ratio of 7.79, a price-to-earnings-growth ratio of 0.32 and a beta of 0.97. The stock has a 50-day moving average of $29.29 and a 200-day moving average of $26.45. Corebridge Financial has a 52-week low of $17.40 and a 52-week high of $34.66. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.05. The company had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same quarter in the prior year, the company posted $0.97 EPS. As a group, equities research analysts forecast that Corebridge Financial will post 4.95 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.23 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.92 annualized dividend and a yield of 3.11%. Corebridge Financial’s dividend payout ratio (DPR) is 24.21%.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 1,932,609 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the transaction, the insider now directly owns 292,271,027 shares of the company’s stock, valued at approximately $8,534,313,988.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.09% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently modified their holdings of CRBG. Riverview Trust Co bought a new stake in Corebridge Financial during the 1st quarter worth approximately $25,000. Vestor Capital LLC bought a new stake in Corebridge Financial during the 4th quarter worth approximately $43,000. Headlands Technologies LLC bought a new stake in Corebridge Financial during the 4th quarter worth approximately $65,000. Plato Investment Management Ltd bought a new position in Corebridge Financial in the 1st quarter valued at $100,000. Finally, UniSuper Management Pty Ltd bought a new position in Corebridge Financial in the 1st quarter valued at $103,000. 98.25% of the stock is 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.