Corebridge Financial, Inc. (NYSE:CRBG) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have earned an average recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $35.85.

Several brokerages have recently issued reports on CRBG. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. TD Cowen increased their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Piper Sandler upped their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Morgan Stanley raised their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a report on Monday, January 6th.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the business’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 completion of the sale, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. The trade was a 10.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.08% of the company’s stock.

Institutional Trading of Corebridge Financial

A number of institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio grew its position in Corebridge Financial by 11.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock worth $4,871,000 after acquiring an additional 16,970 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Corebridge Financial during the third quarter worth about $581,000. State Street Corp increased its stake in shares of Corebridge Financial by 11.7% in the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after buying an additional 843,559 shares during the period. Qsemble Capital Management LP bought a new position in Corebridge Financial in the 3rd quarter valued at approximately $2,370,000. Finally, Senator Investment Group LP boosted its position in Corebridge Financial by 152.2% during the 2nd quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock worth $33,779,000 after buying an additional 700,000 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Trading Down 4.0 %

NYSE:CRBG opened at $30.10 on Friday. The stock has a fifty day simple moving average of $30.91 and a 200 day simple moving average of $29.65. The firm has a market capitalization of $17.12 billion, a price-to-earnings ratio of -14.40, a price-to-earnings-growth ratio of 0.39 and a beta of 0.92. Corebridge Financial has a 1-year low of $23.01 and a 1-year high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the firm earned $1.05 EPS. The firm’s quarterly revenue was up 39.5% on a year-over-year basis. Sell-side analysts forecast that Corebridge Financial will post 4.81 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 3.06%. Corebridge Financial’s payout ratio is presently -44.02%.

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.