Corebridge Financial (NYSE:CRBG) Upgraded at Barclays

Barclays upgraded shares of Corebridge Financial (NYSE:CRBG) from an equal weight rating to an overweight rating in a research report sent to investors on Monday morning, Marketbeat Ratings reports. Barclays currently has $37.00 price target on the stock.

Other equities analysts have also recently issued reports about the stock. Piper Sandler boosted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company 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 company an “equal weight” rating in a research report on Tuesday, November 5th. TD Cowen raised their target price on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Finally, DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $35.15.

Corebridge Financial Trading Up 0.6 %

Shares of NYSE:CRBG opened at $31.00 on Monday. The business’s 50 day simple moving average is $30.98 and its 200 day simple moving average is $29.61. Corebridge Financial has a 1 year low of $23.01 and a 1 year high of $34.66. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The company has a market capitalization of $17.63 billion, a P/E ratio of -14.83, a P/E/G ratio of 0.39 and a beta of 0.92.

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. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the firm posted $1.05 EPS. Corebridge Financial’s quarterly revenue was up 39.5% on a year-over-year basis. On average, research analysts anticipate that Corebridge Financial will post 4.81 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.97%. The ex-dividend date was Tuesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently -44.02%.

Insider Activity

In other news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.08% of the stock is currently owned by insiders.

Institutional Trading of Corebridge Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Everence Capital Management Inc. acquired a new position in Corebridge Financial in the fourth quarter valued at $437,000. Franklin Resources Inc. lifted its stake in shares of Corebridge Financial by 68.6% in the 3rd quarter. Franklin Resources Inc. now owns 423,654 shares of the company’s stock valued at $12,981,000 after purchasing an additional 172,397 shares during the period. Tidal Investments LLC boosted its position in shares of Corebridge Financial by 38.0% during the 3rd quarter. Tidal Investments LLC now owns 31,780 shares of the company’s stock valued at $927,000 after purchasing an additional 8,751 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in Corebridge Financial during the third quarter worth approximately $683,000. Finally, Virtu Financial LLC bought a new stake in Corebridge Financial in the third quarter worth approximately $581,000. Institutional investors and hedge funds 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.