TD Cowen Issues Positive Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price objective raised by TD Cowen from $35.00 to $37.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

CRBG has been the subject of several other research reports. Piper Sandler cut their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Barclays increased their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Royal Bank of Canada reduced their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Morgan Stanley upped their target price 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. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Corebridge Financial Trading Down 0.1 %

NYSE CRBG opened at $32.37 on Wednesday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $18.41 billion, a P/E ratio of -15.49, a P/E/G ratio of 0.42 and a beta of 0.90. Corebridge Financial has a 52-week low of $20.07 and a 52-week high of $34.66. The firm has a 50-day moving average price of $30.75 and a 200 day moving average price of $29.47.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.05 EPS. Equities research analysts expect that Corebridge Financial will post 4.78 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.84%. Corebridge Financial’s dividend payout ratio is presently -44.02%.

Insider Transactions 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 stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the sale, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Corebridge Financial in the 3rd quarter valued at $27,000. Capital Performance Advisors LLP purchased a new stake in shares of Corebridge Financial in the third quarter valued at $28,000. HM Payson & Co. acquired a new position in Corebridge Financial in the third quarter valued at $29,000. ORG Wealth Partners LLC purchased a new position in Corebridge Financial during the third quarter worth about $29,000. Finally, LRI Investments LLC acquired a new stake in Corebridge Financial in the 2nd quarter worth about $30,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.